No. He just more of less backs out of the scene. It is not quite clear why ( Jackie Paper came no more) The Dragon goes into uncontrolled separation angst and as the song has it, sadly slips into his cave. Jackie Paper" absence from the scene is never explained. Separation angst- some exceptions with war-era songs, is not too popular a subject for songs- and certainly not juvenile ones. it does require some figuring out.
Remember the line "painted wings and giant rings make way for other toys"? I think that Jackie Paper simply grew up, and outgrew Puff, the same way a child outgrows a teddy bear.
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Jackie Paper
There are a few places that one could listen to the song Puff the Magic Dragon online. One could go to websites like Youtube, Viddler, Vimeo, or Daily Motion.
Mrs. Poffy Puff
Ginny's Pygmy Puff Arnold is definately purple in color.
Puff-Puff Humbert. (The Singer) Benatar. (The Keytarist/Guitarist) DeeJay. (The DJ dude) Axel. (The Drummer) Hope That Helped ^-^