A value document having a security element in the form of a strip with a first polymer layer which comprises at least one embossed diffraction structure, having at least one reflection layer which visually interacts with the diffraction structure in order to form a reflection hologram as the first visually recognisable security feature, and having at least one imprint which is luminescent under UV radiation and which forms a second security feature that is visually recognisable under UV light, wherein the reflection hologram comprises at least one see-through region on the second security feature. In order to increase the level of protection against forgery of the security element, the luminescent imprint comprises a halftone print image, and the see-through region is formed by at least one recess in the reflection layer and by the polymer layer which is free in this region of the recess from the diffraction structure at least above the halftone print image of the imprint.