Looks like paper to me.
How old of a look are you after and what's the ultimate goal? If you're looking for a really old look, it may be worthwhile to tatter the edges more, give it more of a wrinkled look and maybe even stain it. But if you're putting text to this paper, those are all effects that are probably worth waiting for until after the text is in place. It would really ruin it if the text looks new but the paper doesn't. It's off to a good start in my opinion though.