Looks like paper indeed,
I do have a suggestion, it looks like the paper is refelcting a light. Because you made that whitis layer over the complete thing, you should get rid of that. And I think you should make the edges a little bit darker.
The rest looks great, including the texture of the paper, now only some old handwriting and you got youreself a ancient letter
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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.
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