The term 'piece of paper money' can be summarized as a BANKNOTE, which is an 8-letter word. A BANKNOTE is a form of paper currency issued by a government or central bank and used as legal tender. Banknotes are typically made from cotton-based paper and are printed with intricate designs and symbols to prevent counterfeiting. Banknotes are usually issued in denominations of various values and are accepted as payment for goods and services.