This study was designed to provide a fine-grained look at child and adolescent age trends in reward processing from the perspective of event related theta oscillations. In a relatively large sample we explored win and no win feedback among children and adolescents 10-17, in three groups (10-12 years, 13-14 years, 15-17 years). We took a relatively ambitious approach to examining fine-grained developmental effects (.5 Hz by 16 ms). Generally, the no win feedback led to greater theta activity than the win feedback, for both spectral power and phase coherence. Phase coherence yielded more statistically robust effects than did spectral power (ERSP), which did not survive FDR error correction.