The primary aim of the present study was to investigate the functional form of discounting of monetary rewards by physical effort in potentially real and hypothetical contexts. Individuals (N = 142) completed the assessments with hypothetical and potentially real effort discounting tasks, and their hypothetical or potentially real consequences. The data obtained from the experiment reported here suggest that hypothetical conditions yield patterns of discounting that mirror those for potentially real effort tasks and outcomes. However, this finding also leaves open the possibility that the degree of discounting may change together with the repeated exposure to the consequences of decisions, or the counterbalanced order of hypothetical and potentially real tasks. •Researchers using hypothetical rewards have questioned the validity of the procedure.•Potentially real effort tasks are compared to hypothetical effort tasks.•Hypothetical conditions yield patterns that mirror those for potentially real tasks.•Counterbalanced order of hypothetical and potentially real tasks should be considered.