a person who makes a profession of passing worthless or fraudulent checks.
joey used to be a paper hanger but now he's a convict.
A Counterfeiter. Not necessarily an individual who specializes in counterfeit money, but moreover an individual who specializes in screwing an established system due to counterfeit documents.
Back in the 40's my grandfather was one of the nation's largest paperhangers.
1)Those annoying people who walk up to your door, driving the dog crazy and making you think someone's there, only to hang some advert on your door and leave.
Look, the paper hangers trashed your door again.