I think this joubini/mercatoris issue has come up before, and it's not clear what, if any, the authoritative answer is.
According to Nesis Cephalopods of the World, they're the same species and have eggs 6-8mm long.
According to Norman Cephalopods: A World Guide, joubini "...females lay small eggs which would hatch into planktonic young. This species is often confused with a similar large-egg species which co-occurs in the same region." Why he doesn't name this other species is not clear, we've assumed it to be
mercatoris, which is not mentioned by name in Norman's book.
The FAO Cephalopods of the World guide only lists joubini, not mercatoris, and says the eggs are 10mm long.
This PDF newsletter summarizes the claims, and points to a 1990 article:
Prior to 1990, Octopus joubini (Robson, 1929) was believed to be the only resident pygmy octopus species within the Gulf of Mexico. Closer investigation by Forsythe and Toll (1990), however, revealed that the Gulf of Mexico pygmy octopus population is actually comprised of two distinct species, Octopus joubini, and a second, similar species that is either a synonym of Octopus mercatoris or a previously undescribed species. While both octopuses are morphologically similar, egg size, fecundity, hatchling type, and habitat preference vary markedly (Forsythe and To
ll, 1990).
(...)
Forsythe, J.W., R.B. Toll. 1991. Clarification of the western Atlantic Ocean pygmy octopus complex: the identity and life history of (Octopus joubini) (Cephalopoda: Octopodinae). Bulletin of Marine Science. 49(1-2):88-97.
I don't have online access to this journal, and the article isn't in cephbase, though, it appears that it's not available elsewhere online (via google scholar.) Google did find that it's been mentioned before on TONMO...
Anyway, by TONMO made-up nomenclature, pygmies from around Florida that lay large eggs are called mercs and the ones that lay small eggs are called joubini, but it sounds like we inherited a lot of confusion from the actual professional octopodiatrists' taxonomic debates. (Or maybe it's settled; Nesis and the FAO guide version that covers octopods predate the 1990 paper, and from the PDF newsletter, it sounds like the 1990 paper says "maybe mercatoris, maybe an unnamed species" which could explain why Norman's 2003 book just says "a similar large-egg species" and doesn't give a name.
In any case, I'm sure we'd love to hear more about your octo experiences, whatever it may be!