Paperclip is a 
Tediore Pistol
Its special effect is Barter - When overheating, it fires out tediore drones that split into a bundle of MIRV grenades.
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How to Unlock The Epic Paperclip Tediore Pistol
Weapons
Overview
How To Unlock
Unlock Location:
- Progress through the (FL4k And The Last Resort) DLC until reaching the Side Mission
Barter Up
Farm Method:
- Complete the Side Mission to get the Paper Clip