paper money UK /ˌpeɪpə ˈmʌni/US /ˌpeɪpəɹ ˈmʌni/ noun2 •Cash in the form of banknotes. •A type of joss paper resembling banknotes burnt to venerate the deceased, ancestor spirits, deities, etc.Tablets in honour of the dead are set up in every house over a sort of family altar; and at certain times flowers are offered and paper-money is burned at these shrines. — 1873