|Music by||Harold Arlen|
|Lyrics by||E.Y. "Yip" Harburg and Billy Rose|
|Source||The Great Magoo (play)|
|Publisher||Anne Rachel Music Corp., Glocca Morra Music Corp., and S.A. Music Co.|
Originally titled "If You Believed in Me," the song was written for the non-musical play The Great Magoo, with credit for the lyrics being shared between Harburg and the play's producer, Billy Rose. Although the play was a flop, the song became a hit when it was featured in the 1933 movie musical Take a Chance under the title "It's Only a Paper Moon."
Wayne and Wanda attempted to perform the song in episode 124 of The Muppet Show. True to form, however, they were unable to complete the number when the paper moon hanging above them fell down. This would be Wayne and Wanda's last performance together until episode 406, in which they tried to convince Kermit to reinstate their act.