To provide a paper money changer by which the limited space in a game hall is not occupied and a player can select denominations of paper moneies to be paid out.

In this paper money changer 4 which is installed at a prescribed position in a game hall, where game machines are installed, and changes a paper money inserted from a paper money insertion port 9 provided at its front surface part paper monies of smaller denomination that the fed paper money to pay out from paper money discharging parts 19a and 19b, a player can properly select that the paper monies to be preferentially paid out are the paper monies of the smallest denomination or the next smallest denomition.