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.
"You can print because you have cocombum in your laser jet printer".
作者 plumgrape 2013年5月18日
tagalog slang word for bond paper "coupon bond"
hand me some cocombum pls
作者 normanjosephaquino 2011年4月13日

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