The invention discloses a security element for a banknote, a document of value, right or identity, a ticket, a label, a branded good identifier, or a tax banderole. The element comprises a combination of a coating containing at least one optically variable pigment having a substantial viewing-angle dependent color variation, with at least one selective spectral absorbing material, which blocks out visible spectral components reflected by the optically variable pigment at orthogonal incidence. The security element appears black when viewed at orthogonal angle, and colored when viewed at grazing angle.