reclaimed paper; recycled paper
Refers to paper made from recycled materials, often of lower quality. The term is somewhat dated; modern Japanese more commonly uses 再生紙 (さいせいし).
This notebook is made of reclaimed paper.
再生紙 is the modern, common term for recycled paper, while 仙花紙 is an older, less frequently used word.
Standard kanji spelling for this type of reclaimed paper.
Alternate kanji spelling, less common.
The exact origin is uncertain. The kanji 仙 (hermit, wizard) and 花 (flower) may be ateji, or the name may derive from a place or product name. The alternate spelling 泉貨紙 uses 泉 (spring) and 貨 (goods, money).