Although hypothetical rewards have been used almost exclusively in human discounting studies, investigations of their validity are limited. The present experiment compared the discounting of monetary reward value by probability across conditions in which the rewards were real, potentially real, and hypothetical. Twenty-four undergraduates choose between an uncertain large reward and a certain small reward 60 times (trials). In the real and hypothetical reward conditions, the participants made choices with real and hypothetical money, respectively, in every trial. In the potentially real condition, they did so with real money in randomly selected three of the 60 trials and with hypothetical money in the remainder. The log -transformed h values of a hyperbolic probability-discount function and the values of the area under the curve with an ordinal transformation of odds against were higher and lower, respectively, in the potentially real and in the hypothetical reward conditions than in the real reward condition, demonstrating that the probability discounting of hypothetical monetary rewards was larger than that of real rewards. These results suggest that future studies are required to identify why the hypothetical reward procedure overestimates the discounting rates of real rewards.