Paper, and I say paper is rather good wrapping paper, but not scrapbooking paper, it's too thin for that. I should have guessed when it said "paper" and not cardboard. If you rip it off the book it will come out uneven and not even 8 1/4 inches. You need to tear off the cover and then tear out the side. This will give you 8 1/2 inches but not a clean edge. So if you want to use it for cards, you can't get 4 pieces from one side. Don't buy it, it's garbage!
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