A value document, comprising a value document substrate having a break-through area (4, 5) with a front side and a back side, wherein - the front side of the value document substrate is furnished with a foil security element at least in the value document substrate break-through area (4, 5); - the value document substrate break-through area (4, 5) is recognizable upon viewing the back side of the value document substrate in incident light and is formed in the form of a first motif consisting of a first partial area and a second partial area; - the foil security element has a transparent area which is formed at least in the first partial area of the value document substrate break-through area (4, 5) and has a non-transparent area which is arranged overlapping the second partial area of the value document substrate break-through area (4, 5); - the transparent area of the foil security element formed in the first partial area of the value document substrate break-through area (4, 5) is recognizable upon viewing the front side of the value document substrate in incident light in the form of a second motif; - the non-transparent area of the foil security element arranged overlapping the second partial area of the value document substrate break-through area (4, 5) is recognizable upon viewing the front side of the value document substrate in incident light in the form of a third motif which develops an optically variable effect upon tilting the value document and is based on a reflective embossed structure, characterized in that - a part of the non-transparent area of the foil security element, which is arranged overlapping the second partial area of the value document substrate break-through area (4, 5), is recognizable upon viewing the back side of the value document substrate in incident light within the value document substrate break-through area (4, 5). - the front side of the value document substrate is furnished with a foil security element at least in the value document substrate break-through area (4, 5); - the value document substrate break-through area (4, 5) is recognizable upon viewing the back side of the value document substrate in incident light and is formed in the form of a first motif consisting of a first partial area and a second partial area; - the foil security element has a transparent area which is formed at least in the first partial area of the value document substrate break-through area (4, 5) and has a non-transparent area which is arranged overlapping the second partial area of the value document substrate break-through area (4, 5); - the transparent area of the foil security element formed in the first partial area of the value document substrate break-through area (4, 5) is recognizable upon viewing the front side of the value document substrate in incident light in the form of a second motif; - the non-transparent area of the foil security element arranged overlapping the second partial area of the value document substrate break-through area (4, 5) is recognizable upon viewing the front side of the value document substrate in incident light in the form of a third motif which develops an optically variable effect upon tilting the value document and is based on a reflective embossed structure, characterized in that - a part of the non-transparent area of the foil security element, which is arranged overlapping the second partial area of the value document substrate break-through area (4, 5), is recognizable upon viewing the back side of the value document substrate in incident light within the value document substrate break-through area (4, 5).