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                                                                     EXHIBIT 4.1

  THIS RIGHTS CERTIFICATE WILL BE VALUELESS IF NOT RECEIVED BY THE SUBSCRIPTION
                AGENT BY 5:00 P.M., NEW YORK CITY TIME ON (DATE)

                         RIGHTS SUBSCRIPTION CERTIFICATE
                              PAPER WAREHOUSE, INC.

                                                         -----------------
                                                         CUSIP 698941 10 1
                                                         -----------------

THIS RIGHTS CERTIFICATE IS NOT TRANSFERABLE.

The terms and conditions of this Rights Offering are set forth in the prospectus
relating to 1,500,000 shares of Common Stock, $.01 par value per share
("Shares"), of Paper Warehouse, Inc. (the "Company") dated August 31, 2000 (the
"Prospectus") and are incorporated herein by reference. Copies of the Prospectus
are available upon request from the Company and Wells Fargo Bank Minnesota, N.A.
(the "Subscription Agent"). Capitalized terms used herein without definition
shall have the meanings set forth in the Prospectus.

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                       SUBSCRIPTION PRICE: $1.25 PER SHARE

    (The number of rights you are entitled to are listed on the label below.
            You may under subscribe as detailed in the Prospectus.)
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The rights represented by this Rights Subscription Certificate, in whole or in
part, may be exercised by duly completing Sections 1 and 2 below. Before
exercising Rights, Rights holders are urged to read carefully and in its
entirety the Prospectus, copies of which are available from the Company and the
Subscription Agent.

IMPORTANT - Complete the appropriate Section below and delivery instructions,
and Sign on reverse side. Subject to the provisions of the Prospectus, if the
instructions of the registered holder hereof are insufficient to delineate the
proper action to be taken with respect to all of the Rights evidenced hereby,
such action as is clearly delineated in such holder's instructions will be
taken.

The registered holder of Rights whose name is set forth herein, or assigns, is
entitled to subscribe for one share of Common Stock of the Company at a
Subscription Price of $1.25 per Share (the "Subscription Price") for each whole
Right evidenced hereby under the terms and subject to the conditions set forth
in the Prospectus. Payment of the full Subscription Price for all Shares
subscribed for pursuant to the exercise of Rights must accompany this properly
completed and duly executed Rights Subscription Certificate, payable in United
States currency by personal check, cashier's check, bank draft or money order
drawn on a bank located in the United States, payable to "Wells Fargo Bank
Minnesota, N.A., as Subscription Agent." PLEASE WRITE YOUR ACCOUNT NUMBER, SHOWN
ON THE ABOVE LABEL, ON YOUR CHECK, BANK DRAFT OR MONEY ORDER.

Dated:                                     Paper Warehouse, Inc.

COUNTERSIGNED:                             BY:__________________________________
         WELLS FARGO BANK MINNESOTA, N.A.     Yale T. Dolginow, President

BY:______________________________________  BY:__________________________________
         Authorized Officer                   Diane C. Dolginow, Secretary

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INSTRUCTIONS: To exercise all or part of the Rights evidenced by this Rights
Subscription Certificate, please complete Section 1. In order to have the
Subscription Agent deliver Shares issued upon the exercise of Rights to another
person or delivered to an address other than the one listed on the face of this
Rights Subscription Certificate, please complete Section 2, including signature,
below.

ANY EXERCISE OF RIGHTS EVIDENCED HEREBY IS IRREVOCABLE.

SECTION 1 - EXERCISE AND SUBSCRIPTION: The undersigned hereby exercises Rights
to subscribe for Shares as indicated below, on the terms and subject to the
conditions specified in the Prospectus, receipt of which is hereby acknowledged.

PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY.

I WISH TO PURCHASE ________________________upon exercise of my RIGHTS at $1.25 =

$____________________ (Number of shares - whole number only)

/  / Check, Bank Draft, or Money Order Payable to Wells Fargo Bank
     Minnesota, N.A., as Subscription Agent.

/ / Wire Transfer Directly to the Escrow Account Maintained by Wells Fargo Bank
Minnesota, N.A., as Subscription Agent, at Wells Fargo Bank Minnesota, N.A., ABA
ROUTING 091000019, for Credit Account #0001067899. PAPER WAREHOUSE, INC. RIGHTS
OFFERING, Attn: Reorganization Department (800) 380-1372.

SECTION 2 - SPECIAL INSTRUCTIONS:

/  / CHECK HERE FOR SPECIAL DELIVERY INSTRUCTIONS. The Subscription Agent is
hereby authorized to deliver Certificates for the Shares subscribed for to the
undersigned at the address below.

Name:             _____________________________________________________

Address:          _____________________________________________________

                  _____________________________________________________

Dated: ____________, 2000  ____________________________________________________
                           Signature(s) of Holder(s) (exactly as it appears on
                           the face of this Certificate)<PAGE>

                                                                     Exhibit 4.1

                    D.H. BLAIR INVESTMENT BANKING CORPORATION
                                 44 WALL STREET
                               NEW YORK, NY 10005

                                 August 21, 2000

WorldWide Web NetworX Corporation
521 Fellowship Road - Suite 130
Mt. Laurel, NJ 08034

Attention:  The Board of Directors of  WorldWide Web NetworX Corporation

Gentlemen:

In an effort to protect the interests of all of the stockholders of WorldWide
Web NetworX Corporation ("WWWX") and the precipitous distress sale of, what is
arguably, the company's most valuable asset - the Entrade shares -D. H. Blair
Investment Banking Corp. ("Blair") hereby commits to lend WWWX the principal
amount of $3.6 million (the "Loan") upon the following terms:

Borrower:                  WorldWide Web NetworX Corporation

Lender:                    Blair Ventures-Fund I, Inc., an affiliate of Blair

Term:                      One (1) year (the "Maturity Date"); provided,
                           however, that the Maturity Date may be extended, at
                           the option of the Lender, from time to time, for up
                           to an additional two (2) years.

Interest Rate:             10% per annum, payable annually

Collateral:                First priority security interest in all of WWWX's
                           assets (including the unregistered Rule 144 common
                           shares of Entrade Inc. owned by WWWX (the "Entrade
                           Shares"), the shares of Real Quest, Inc. (the "Real
                           Quest Shares") owned by WWWX and all other securities
                           owned by WWWX). In connection therewith, WWWX agrees
                           to take all steps necessary to perfect such security
                           interest, including filing all required financing
                           statements. In the event either the Entrade Shares or
                           the Real Quest Shares cannot for any reason be
                           pledged as collateral in connection with the Loan at
                           this time, WWWX agrees to deliver the Entrade Shares
                           and the Real Quest Shares to the Lender, to be held
                           by the Lender in escrow until such time as (i) the
                           Lender approves the release of such shares, or (ii)
                           the shares may be pledged to the Lender as collateral
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                           for the Loan, at which time the shares will be
                           pledged to the Lender as collateral for the Loan and
                           WWWX shall take all other steps necessary to perfect
                           the Lender's security interest therein.

Conversion                 Feature: The loan may be converted by the lender, at
                           any time, into common stock of WWWX at the rate of
                           $.75 per share, subject to standard and usual
                           anti-dilution rights, with two demand registration
                           rights (the first at WWWX's expense and the second at
                           the Lender's expense) and unlimited piggyback
                           registration rights.

Prepayment:                The Loan can be prepaid, in whole or in part, at any
                           time, upon at least 10 days prior written notice to
                           the Lender; PROVIDED, HOWEVER, that in the event of
                           prepayment, WWWX shall issue to the Lender a Warrant,
                           exercisable at any time on or before the Maturity
                           Date (as extended), to purchase 1-1/3 shares of the
                           common stock of WWWX for the sum of $0.75 per share
                           for each dollar of prepayment (the "Warrant"). The
                           Warrant shall contain standard and usual
                           anti-dilution rights, two demand registration rights
                           (the first at the expense of WWWX and the second at
                           the expense of the Lender ) and unlimited piggyback
                           registration rights.

Use of Proceeds:           Working capital (including payment of WWWX's
                           payables, severance payments and severance escrows).

Loan
Documentation:             Convertible Promissory Note, Warrant Agreement, Stock
                           Pledge Agreement, Security Agreement, Escrow
                           Agreement and Financing Statements (the "Loan
                           Documents").

Closing Date:              Closing of this transaction will take place and the
                           Loan proceeds shall be immediately wired upon receipt
                           of the Loan Documents, duly executed by WWWX, and the
                           satisfaction of all of the conditions set forth
                           below.

The Loan will be made according to the following conditions:

Borrower's Board
of Directors:              William Weld, Warren Rothstein, Allan Cohen and
                           Michael Norton each resign as a member of WWWX's
                           board of directors; WWWX enters into Release and
                           Indemnification Agreements with each of the other
                           resigning directors; and Carol Knauff and Ronald
                           Tobia are appointed directors of WWWX.
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Payment of Loan
Fees:                      There will be no finder's fee payable in connection
                           with the Loan pursuant to the letter agreement, dated
                           September 23, 1999, between WWWX and D.H. Blair
                           Investment Banking Corp. WWWX shall pay all closing
                           costs and filing fees at closing.

Entrade Shares:            The Entrade Shares shall either be pledged to the
                           Lender as collateral for the Loan or delivered to the
                           Lender, to be held by the Lender in escrow until such
                           time as (i) the Lender approves the release of such
                           shares, or (ii) the Entrade Shares are pledged to the
                           Lender as collateral for the Loan.

This is a firm commitment. We are a member of the New York Stock Exchange with a
net worth of 100+ million.

If the terms and conditions stated herein are acceptable to the Board, please
sign where indicated and return to our attention. This commitment shall be null
void and void unless it is executed and returned prior to the expiry date.

Keep up your superb work. May you go from strength to strength.

With kindest personal regards and best wishes for everything great always, I am

Sincerely,

J. Morton Davis
Chairman of the Board

ACCEPTED THIS ___ DAY OF AUGUST, 2000:

WORLDWIDE WEB NETWORX CORPORATION

By:_______________________________________
   Name:
   Title:

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