Evidence in the research literature indicates people may treat "won" money differently than they would their own money. The present study had a sample of 648 college students complete a delay-discounting task that involved the hypothetical monetary amounts of $1,000 or $100,000. Participants were asked repeatedly what amount they would accept immediately rather than waiting a given length of time for the full amount. One group was told these amounts were money they had won; the other group was told that the amounts were money they were owed. Results showed participants discounted money "won" more than money "owed," indicating that won money was less valued than their own money. These results suggest that researchers who study discounting should be aware that contextual factors may play a role in delay discounting. (Contains 1 table, 1 figure and 2 footnotes.)