Token economies are used in a variety of clinical settings, but the relation between the exchange value and reinforcing efficacy of a token has yet to be identified. In a study conducted by Malagodi, Webbe, and Waddell (1975), rats were exposed to several different schedules of token reinforcement. For all participants, lower rates of responding were observed in schedules during which tokens were exchanged at higher values. The current study will make similar manipulations to schedules of token reinforcement, and measure participant selection across two tokens with different exchange values. The results of this study will provide clinicians with information about the reinforcing efficacy of tokens relative to their exchange value.