Say, it's only a paper moon
But it wouldn't be make-believe
If you believed in me
Just as phony as it can be
But it wouldn't be make-believe
If you believed in me
Sailing over a cardboard sea
It's a melody played in a penny arcade
If you believed in me
If you believed in me
It's a honky tonk parade
But it wouldn't be make-believe
But it wouldn't be make-believe
Without your love
It's a melody played in a penny arcade
Hanging over a muslin tree
But it wouldn't be make-believe
If you believed in me
It's a Barnum and Bailey world
How happy I would be
Without your love
If you believed in me
Hanging over a muslin tree
Without your love
It's a honky-tonk parade
Yes, it's only a canvas sky
Without your love
But it wouldn't be make-believe
It's a Barnum and Bailey world
Just as phony as it can be
Yes, it's only a canvas sky
It's phony it's plain to see