As others have stated. One person loots and everybody gets it. No loot-whoring in DAMP. Now what will suck is the fact that if you do pick up a loot card instead of gold you don't all get the same item or even the same quality of item. The Only guarantee is that you all get an item. So somebody can get a blue while the rest get commons.
Also as stated the majority of it is gold. And if a party can't slow down a little to get all that precious gold at least to start to get more gear, more potions, and whatever else. At least for a bit a lot of us are going to be gold hunting and some of us will be doing it for a long time.