Abstract: The dispenser includes an enclosure for holding a plurality of paper rolls in stacked, substantially vertical relation. The front wall of the enclosure has an opening through which a paper roll may move to exit the enclosure. A tray is provided for retaining a paper roll as it moves through the exit opening. A section of the rear wall is inclined to guide a paper roll through the exit opening and into the retaining tray. A removable divider is provided to convert the dispenser for use with different size paper rolls. Brackets for rotatably mount a paper roll extend from the bottom of the enclosure for dispensing individual sheets. Removable decorative panels are provided for mounting proximate the front and side walls. The dispenser may be supported on a horizontal surface by the bottom, suspended from a vertical surface or hung from a door. Openings in the walls permit observation of the number of papers rolls remaining in the enclosure.