/ Dictionary / Index E eligible paper: Meaning and Definition of Find definitions for: el'igible pa'per Pronunciation: [key] — Banking. Banking. notes, bills, and acceptances qualifying for rediscount by a Federal Reserve Bank. Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease. eligible Elihu Related Content Daily Word Quiz: fabricate Analogy of the Day: Today’s Analogy Spelling Bee: Today’s Spelling Bee Frequently Misspelled Words Frequently Mispronounced Words Easily Confused Words Writing & Language