Token economies are one of the most commonly used behavior analytic interventions. Despite literature supporting the use of tokens as tools for behavior change, little is known about the reinforcing value of tokens compared to that of the items for which they are exchanged. Results of previous research comparing the reinforcing efficacy of tokens and primary reinforcers have shown that both produce similar effects on responding. However, this research is limited because token reinforcement conditions also included the delivery of primary reinforcers. In this study, we established novel tokens as reinforcers. We then conducted a conditioned reinforcer assessment using a tandem control to ensure that the tokens functioned as reinforcers. Following this, progressive-ratio schedules were used to directly compare the reinforcing efficacy of the tokens to high- and low-preference edibles that were also used as backup reinforcers. For both participants, we found primary reinforcers to maintain a higher response frequency than did tokens.