Paper money such as bank notes of various denominations are dispensed by an apparatus having bank note storing cases including spaces which are adapted to store in a packed state sheets of the bank notes classified in accordance with the denominations, a note removal device provided at the note delivering end of each space in the note storing cases for taking the notes out of the note storing cases, and a note lifting device adapted to be selectively positioned in alignment with the note removal device for receiving the notes taken out by the note removal device. Preferably, each note removal device has a suction head and note removal rollers, and the note lifting device is a note kick-up roller, a stop member for dressing the leading edges of the notes, and a cam for regulating the position of the stop member in accordance with the width of the notes of the pertinent denomination.