This study investigates the relationship between impulsivity and cigarette smoking, focusing on delay discounting. Impulsivity is known to be implicated in drug dependence, and recent studies have shown that problems with alcohol and opioid dependence are associated with rapid discounting of delayed outcomes. The study compares the discounting of hypothetical monetary outcomes by current, never, and ex-smokers of cigarettes. Additionally, it examines the discounting of delayed hypothetical cigarettes by current smokers. The methods involved a titration procedure where participants indicated their preference for immediate versus delayed money, determining indifference points at various delays. The titration was repeated with cigarettes for smokers. The degree of discounting was estimated using two non-linear decay models: an exponential model and a hyperbolic model. The results showed that current smokers discounted the value of delayed money more than the comparison groups. Never- and ex-smokers did not differ in their discounting of money. For current smokers, delayed cigarettes lost subjective value more rapidly than delayed money. The hyperbolic equation provided better fits to the data than the exponential equation in 74 out of 89 comparisons. The conclusions suggest that cigarette smoking, like other forms of drug dependence, is characterized by rapid loss of subjective value for delayed outcomes, particularly for cigarettes. Never- and ex-smokers may discount similarly due to a reversible increase in discounting or selection bias.This study investigates the relationship between impulsivity and cigarette smoking, focusing on delay discounting. Impulsivity is known to be implicated in drug dependence, and recent studies have shown that problems with alcohol and opioid dependence are associated with rapid discounting of delayed outcomes. The study compares the discounting of hypothetical monetary outcomes by current, never, and ex-smokers of cigarettes. Additionally, it examines the discounting of delayed hypothetical cigarettes by current smokers. The methods involved a titration procedure where participants indicated their preference for immediate versus delayed money, determining indifference points at various delays. The titration was repeated with cigarettes for smokers. The degree of discounting was estimated using two non-linear decay models: an exponential model and a hyperbolic model. The results showed that current smokers discounted the value of delayed money more than the comparison groups. Never- and ex-smokers did not differ in their discounting of money. For current smokers, delayed cigarettes lost subjective value more rapidly than delayed money. The hyperbolic equation provided better fits to the data than the exponential equation in 74 out of 89 comparisons. The conclusions suggest that cigarette smoking, like other forms of drug dependence, is characterized by rapid loss of subjective value for delayed outcomes, particularly for cigarettes. Never- and ex-smokers may discount similarly due to a reversible increase in discounting or selection bias.