Impulsivity is linked to drug dependence, with studies showing that individuals with alcohol or opioid dependence discount delayed rewards more rapidly. This study examined whether similar patterns occur in cigarette smokers. Current smokers discounted delayed money more than never- and ex-smokers, who showed no difference in discounting. For current smokers, delayed cigarettes lost value more quickly than delayed money. Hyperbolic discounting models fit the data better than exponential models. Cigarette smoking, like other drug dependencies, is characterized by rapid loss of value for delayed outcomes, especially the drug itself. Never- and ex-smokers may discount similarly due to reversible increases in discounting or selection bias. Delay discounting is a key factor in drug dependence, with hyperbolic models better describing human behavior than exponential ones. Studies on opioid-dependent individuals showed greater discounting of heroin than money, and hyperbolic models fit the data better. Recent studies also found that sharing needles was associated with greater discounting of money. These findings suggest that delay discounting is a critical factor in drug dependence, with hyperbolic models better capturing human behavior.Impulsivity is linked to drug dependence, with studies showing that individuals with alcohol or opioid dependence discount delayed rewards more rapidly. This study examined whether similar patterns occur in cigarette smokers. Current smokers discounted delayed money more than never- and ex-smokers, who showed no difference in discounting. For current smokers, delayed cigarettes lost value more quickly than delayed money. Hyperbolic discounting models fit the data better than exponential models. Cigarette smoking, like other drug dependencies, is characterized by rapid loss of value for delayed outcomes, especially the drug itself. Never- and ex-smokers may discount similarly due to reversible increases in discounting or selection bias. Delay discounting is a key factor in drug dependence, with hyperbolic models better describing human behavior than exponential ones. Studies on opioid-dependent individuals showed greater discounting of heroin than money, and hyperbolic models fit the data better. Recent studies also found that sharing needles was associated with greater discounting of money. These findings suggest that delay discounting is a critical factor in drug dependence, with hyperbolic models better capturing human behavior.