A method of making a security element for security papers, comprising the steps:
- providing a carrier having an upper side that is height-modulated;
- on the height-modulated upper side, applying in the recited order, a first layer, a second layer of dielectric material and a third layer as a multilayer structure which is also height-modulated;
- and for forming the first and third layer, using a dielectric material with a refractive index higher than that of the second layer or respectively a metallic or semimetallic material.