Abstract:  The Dutch book argument (DBA) is the most influential practical argument for the view that degrees of belief should satisfy the probability axioms. But the DBA has come under heavy criticism. In this paper I revive a little-known probability-free measure of cardinal utility, and argue that a DBA based on this measure of utility avoids most objections that have been raised against the traditional DBA. The remaining objections lose their bite, I contend, if we understand the DBA as a pragmatic coherence argument.