"It's Only a Paper Moon" is a popular song written by Harold Arlen and published in 1933, with lyrics by E. Y. Harburg and Billy Rose. It was written originally for an unsuccessful Broadway play called The Great Magoo, set in Coney Island. It was subsequently used in the movie Take a Chance, in 1933, and Paul Whiteman recorded a successful version, sung by Peggy Healey. But its lasting fame stems from recordings by popular artists during the last years of World War II, when versions by Ella Fitzgerald and the Nat King Cole Trio became popular. It has endured as a vehicle for improvisation by many jazz musicians.