Paper? You don't even get paper stock certificates these days. It's all electronic.
At a previous company, I exercised my stock options when I left. This cost me about $4K. Two years later, I got $12K back... not a bad return, but certainly not the "potential for early retirement" I was told when I joined.
Recently I was going through my father's papers and found a stock certificate for IBM, I think from the 60s or 70s. I think I'm going to frame it.
it's just a colloquialism...
For perspective here I, and everyone I know who have worked for startups as an employee, have never seen a single penny from stock options. Maybe one day I will, but I consider them to be nothing more than a potential pleasant surprise down the line.