Paper money issued by banks are today called banknotes. They are usually well secured against forgery and are legal tender in particular country or on a particular area. Banknotes appeared much later than coins. First money was used in China in 9th century, in Europe not before 17th century. First banknotes had a deposit character - it was not possible to purchase goods for it, it was possible to exchange it for coins at one's depositary. Only in modern times banknotes started serving the function of "normal" money.
