The "#" sign is used to refer to pounds, or lbs. You'll often hear on a
telephone voicemail system to "press the pound key on your telephone
key pad", referring to the "#" symbol.
As to how pounds (or lbs.) are determined on paper, it is very
confusing, which is why many have gone to using g/m2 or mils.
Of course, it started in the UK, as most of these illogical measuring
systems did.
When the only people who cared about paper weight other than 20 lb.
bond, the jargon was used by printers and they knew what they were
referring to. But now that all sorts of paper are used by lay people,
they really ought to get rid of the lbs. paper weights.
The way they are determined is based upon the weight of one ream of the
paper at master cut paper size. That wouldn't be a problem is all paper
types used the same master size, but they don't. They can be 20 x 26",
25 x 38", 17 x 22" and many other "standard" sizes.
Bond, book, text, card, cover, fine art and other papers use different
size cut master sheets, and therefore, the 500 sheets weight a different
amount. So you could have a bond paper at 20 pounds which in text stock
may be 50 pounds.
So, in the case of the poster, if the paper he bought was in the second
category below (Offset, book, text or coated paper) an 80 pound stock
would be equivalent to about 30 pounds bond. An 80 pound Tag paper is
about 35 pound bond. An 80 pound cover is about 58 pound bond, and an
80 pound index stock is about 38 pound bond.
For a more complete set of comparisons, go to:
http://www.paper-paper.com/weight.html
The chart below was adapted from the website.
Basis Weight ("Category") Table
Basic Size - 500 Sheets 17" x 22"
Type Paper: "Bond", Ledger, Mimeo, Duplicator, Rag Paper
Basic Size - 500 Sheets 25" x 38"
Type Paper: "Offset", Book, Text, Coated Paper
Basic Size - 500 Sheets 20" x 26"
Type Paper: "Cover"
Basic Size - 500 Sheets 24" x 36"
Type Paper: "Tag Stock"
Basic Size - 500 Sheets 25-1/2" x 30-1/2"
Type Paper: "Index"