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Paper, pure and simple. Why? Because it is not slang, the [etymology] of which this word is historical. It originates from the offer in historical times of "detachable coupon bonds". It has come to be applied to white paper. [The original] "detachable coupon bonds" may have been white, but actually could not always have been so. Many are very [beautifully] engraved and have been exquisitely designed in a display of the most splendid colors. Mostly these bonds have been redeemed, but not always.
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