From The Collaborative International Dictionary of English v.0.44 [gcide]:
2. Something cut out from another object, especially a piece of thick paper or cardboard with a picture on it (as of a person or other object), embedded in a larger sheet of paper and having perforations around the edges of the figure to allow easy removal from the larger sheet. [PJC]
From WordNet (r) 2.0 [wn]:
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