The invention concerns a value document comprising particulate agglomerates respectively containing at least two different homogeneous phases, wherein the first homogeneous phase is based on a first non-luminescent substance detectable by a spectroscopic method and the second homogeneous phase is based on a second non-luminescent substance detectable by a spectroscopic method, and wherein upon an evaluation of measurement values that are obtainable by a location-specific measurement, carried out at different locations of the value document, of the first measurement-signal intensity caused by the first substance and underlying the spectroscopic method and the second measurement-signal intensity caused by the second substance and underlying the spectroscopic method, there is a statistical correlation between the first measurement-signal intensities and the second measurement-signal intensities.