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Effective gamification can only be based on understanding the relationship between learner motivation and the game elements which are used to gamify learning activities. Although frequently mentioned, Virtual Currency (VC) remains underused and scarcely studied in educational gamification. As a motivational affordance, VC can be thought of as supporting different types of motivation, but currently, there is a lack of empirical studies which investigate this. Recognizing this gap, the purpose of our study was to empirically investigate whether and how gamifying learning activities with virtual currency can engender motivation for out-of-class practicing and what type of motivation. In the limited research others have conducted, VC has been studied largely in combination with other game elements, which does not allow reaching reliable conclusions about the impact of the individual elements. For this reason, we studied the effects of VC in a gamified Discrete Math course isolated from other game elements. The study showed that using VC to gamify practicing increased students’ practicing activity, which resulted in improved academic performance. The study also revealed that while gamified practicing did not increase students’ intrinsic motivation, it supported internalization of motivation towards this learning activity.