The coin will touch the ground first, because the weight of the coin is much larger in comparison with the piece of paper, so it will feel less air resistance. That's why the coin will fall fast and will reach the ground first. The piece of paper being lighter will face the air resistance while coming down, due to that it will take time to reach the ground.
If both the coin and the piece of paper are dropped simultaneously in a vacuum then both will touch the ground at the same time, because there will not be any air resistance. So, they will fall with the same acceleration and the time taken by both of them would be the same.