Method for producing a value or security document, - in which at least one upper layer and at least one lower layer are joined together to form a document body, - in which the at least one upper layer forms an upper side and the at least one lower layer forms a lower side of the document body, - in which a window is introduced into the document body, in which the document body is transparent to light at a wavelength between the upper side and the lower side, or in which a window section is introduced into the at least one upper or at least one lower layer (3, 5), - in which a security hologram is positioned associated with the window or the window section between the upper side and the lower side of the document body, - in which at least one punch-out is made in at least one inner layer, which is arranged between the at least one upper and at least one lower layer (3, 5) in the document body, - in which a web material with a plurality of successive security holograms is provided, - in which a punching tool (26, 32) is used to punch out a security hologram with a format which corresponds to the size of the punched-out portion of the at least one inner layer, - in which the at least one inner layer with the security hologram received in the punched-out portion is fed to the at least one upper and/or the at least one lower layer (3, 5), characterized in that in that the punched-out format of the security hologram is inserted into the punched-out portion of the at least one inner layer with the punching tool and flush into the punched-out portion with a mating tool opposite the punching tool, and in that the security hologram is held in the at least one inner layer after insertion into the punched-out portion due to the same format as the punched-out portion in the at least one inner layer, and subsequently the at least one inner layer with the security hologram held in the punched-out portion is fed to the at least one upper and/or the at least one lower layer (3, 5) for lamination - in which at least one upper layer and at least one lower layer are joined together to form a document body, - in which the at least one upper layer forms an upper side and the at least one lower layer forms a lower side of the document body, - in which a window is introduced into the document body, in which the document body is transparent to light at a wavelength between the upper side and the lower side, or in which a window section is introduced into the at least one upper or at least one lower layer (3, 5), - in which a security hologram is positioned associated with the window or the window section between the upper side and the lower side of the document body, - in which at least one punch-out is made in at least one inner layer, which is arranged between the at least one upper and at least one lower layer (3, 5) in the document body, - in which a web material with a plurality of successive security holograms is provided, - in which a punching tool (26, 32) is used to punch out a security hologram with a format which corresponds to the size of the punched-out portion of the at least one inner layer, - in which the at least one inner layer with the security hologram received in the punched-out portion is fed to the at least one upper and/or the at least one lower layer (3, 5), characterized in that in that the punched-out format of the security hologram is inserted into the punched-out portion of the at least one inner layer with the punching tool and flush into the punched-out portion with a mating tool opposite the punching tool, and in that the security hologram is held in the at least one inner layer after insertion into the punched-out portion due to the same format as the punched-out portion in the at least one inner layer, and subsequently the at least one inner layer with the security hologram held in the punched-out portion is fed to the at least one upper and/or the at least one lower layer (3, 5) for lamination in that the punched-out format of the security hologram is inserted into the punched-out portion of the at least one inner layer with the punching tool and flush into the punched-out portion with a mating tool opposite the punching tool, and in that the security hologram is held in the at least one inner layer after insertion into the punched-out portion due to the same format as the punched-out portion in the at least one inner layer, and subsequently the at least one inner layer with the security hologram held in the punched-out portion is fed to the at least one upper and/or the at least one lower layer (3, 5) for lamination