The phrase "worthless paper" refers to something that has no value or importance. It is often used to describe documents or money that have no worth or cannot be used for any useful purpose. Full definition
A contract is a piece of worthless paper as we have seen time and time again. (koptalk.com)
Or that once it strikes, it will quickly reduce even the largest retirement nest eggs that took decades to build into worthless paper that won't buy a cup of coffee. (lenpenzo.com)
With one master stroke - this money has become worthless paper. (afund.com)