Paper Money was the band's highest-charting release, reaching No. 65 on the Billboard200. To promote the album, the band appeared live on The Midnight Special television show, performing "Paper Money" and "I Got the Fire".
After building acrimony between Ronnie Montrose and Sammy Hagar reached a peak during the band's 1974–75 European tour to promote Paper Money, Hagar parted ways with the band in early February 1975 and was replaced by vocalist Bob James.
Although the liner notes for the CD edition of Paper Money state that Ronnie Montrose was offered the lead guitar slot for Mott the Hoople when he left the Edgar Winter Group, the guitarist has stated that this never happened.