I cannot figure this out. I have economics support enabled in the config, with the suggested settings of paper with the ID provided. When I edit the cost in machine and add the paper, it just uses paper for currency. What am I doing wrong, and can anyone type me a example out?

When you add paper to the vending machine, make sure you are adding skinned paper, not normal paper. You can give yourself a skinned item with the vanilla give command like give paper 1000 1 2420097877.

When you say it just uses paper for currency, do you mean that it displays paper, or that it charges paper (did you actually try buying an item)? If you put in a skinned paper, but it's displaying paper, you need to enable skin overlays in the config to get it to show up correctly, but that does not affect the functionality (it will charge Ecominics currency regardless of display).