Green’s Dictionary of Slang

ass-wipe n.

also wipe
[ass n. (2) + SE wipe; cf. earlier arsewipe n.]

1. [1950s+] lavatory paper.

2. [1950s+] (also bungwipe) a general term of abuse; thus one who is not worth wiping one’s ass on.

3. attrib. use of sense 2.

4. [1980s+] any worthless piece of paper, like a parking ticket; thus by ext. a homophobic newspaper.