We often rely on external devices to store to-be-remembered information in our everyday lives (e.g., writing grocery lists, setting reminders), yet there is limited research about how certain information (i.e., valuable information) may be differentially encoded when we rely on our internal memory versus an external store. Across three preregistered experiments, we examined the effect of relying on an external store on the recall of high-value and low-value information. In Experiments 1a and 1b, we presented participants with words associated with point values and examined mean recall performance during two critical trials in which the external store was not available: (1) a trial in which participants were told that they would have access to an external memory store at test (told-external-store) and (2) a trial in which participants were told that they would not have access to their external store at test (told-no-external-store). In Experiment 2, we explored participants' metacognitive predictions of performance on the recall test. Critically, across all of the experiments, we found that the value effect (i.e., better recall for valuable information) was significantly reduced when individuals were told that they could rely on an external store. The same pattern was present in participant's metacognitive judgements. Together, these results suggest that when relying on external stores, individuals forgo (to some extent, at least) selective encoding by value and that individuals might be aware of this change in strategy.