To examine the relative reinforcement value of smoking and drinking, separately and in combination, a multiple-choice questionnaire was administered to 78 individuals seeking outpatient treatment for concurrent tobacco and alcohol dependence. Participants made choices between pairs of substances and then between each substance and a series of monetary values. Results demonstrated that the combination (one cigarette and one drink) was preferred over each individual substance. The mean crossover monetary points for a cigarette (8.1 US dollars) and a drink (10.8 US dollars) were significantly lower than for the combination (13.75 US dollars). Correlational analyses revealed positive associations between drug reinforcement values and dependence-related measures. The utility of this measurement strategy in understanding and treating polydrug use is discussed.