A paper sheet storage and payout device, which, by winding and unwinding tape between a first take-up drum on which the tape is wound from one end, and a second take-up drum on which the tape is wound from the other end, with paper sheets placed thereupon, stores and pays out paper sheets. A separation mechanism is provided on the payout side of the tape from the second take-up drum, and during payout separates the paper sheets from the wrapping peripheral region of the tape wrapped around the second take-up drum. This separation mechanism is provided with a separation member which separates paper sheets from the wrapping peripheral region, and a sliding portion which holds the separation member, and which slides so as to track the amount of tape wrapped around the second take-up drum by bring into contact with the wrapping peripheral region a guide roller.