Optically variable security element for safeguarding articles of value, the areal extent of which defines a perpendicular z axis thereto, with a reflective area region which, in top view, shows at least two optically variable effects that are discernible from different viewing directions and appear with different first and second colours, and which, in through view, shows an image in a third, different colour, - the reflective area region contains two independent relief structures (24, 34) that are disposed at different height levels in z direction and form a deeper-lying and a higher-lying relief structure, and which overlap in a feature region, - the higher-lying relief structure has been provided with a first reflection-increasing coating that follows the line of the relief and has wavelength-dependent reflection and transmittance in the visible spectral region, which has at least one reflection band and at least one transmission band, - the lower-lying relief structure has been provided with a second reflection-increasing coating that follows the line of the relief and has wavelength-dependent reflection and transmittance in the visible spectral region, which has at least one reflection band and at least one transmission band, characterized in that - a reflection band of the second reflection-increasing coating lies at least partly in a transmission band of the first reflection-increasing coating, and at least one transmission band of the two reflection-increasing coatings overlaps such that - the higher-lying relief structure, in top view, shows a first optically variable effect in the first colour, the lower-lying relief structure, in top view through the first reflection-increasing coating, shows a second optically variable effect in the second, different colour, and where, looking through the higher-lying and lower-lying relief structure, an image appears in the third, different colour. - the reflective area region contains two independent relief structures (24, 34) that are disposed at different height levels in z direction and form a deeper-lying and a higher-lying relief structure, and which overlap in a feature region, - the higher-lying relief structure has been provided with a first reflection-increasing coating that follows the line of the relief and has wavelength-dependent reflection and transmittance in the visible spectral region, which has at least one reflection band and at least one transmission band, - the lower-lying relief structure has been provided with a second reflection-increasing coating that follows the line of the relief and has wavelength-dependent reflection and transmittance in the visible spectral region, which has at least one reflection band and at least one transmission band, characterized in that - a reflection band of the second reflection-increasing coating lies at least partly in a transmission band of the first reflection-increasing coating, and at least one transmission band of the two reflection-increasing coatings overlaps such that - the higher-lying relief structure, in top view, shows a first optically variable effect in the first colour, the lower-lying relief structure, in top view through the first reflection-increasing coating, shows a second optically variable effect in the second, different colour, and where, looking through the higher-lying and lower-lying relief structure, an image appears in the third, different colour.