Security element, value document substrate, value document equipped therewith, and production method

The invention relates to a method for producing a value document substrate, or a security element suitable for protecting value documents, comprising a) the provision of a substrate; b1) the printing of the substrate with metallic pigment flakes suitable for forming a reflective layer in a first substrate region, and the printing of the substrate with effect pigments that assume a different hue depending on the viewing angle in a second substrate region; b2) the step of embossing the first substrate region and the second substrate region such that (i) the substrate in the first substrate region has a relief structure that forms a diffractive structure, and the substrate in the second substrate region has a relief structure that forms a micro-mirror arrangement, or (ii) the substrate in the first substrate region has a relief structure that forms a micro-mirror arrangement, and the substrate in the second substrate region has a relief structure that forms a diffractive structure.