To provide a latent image printed matter that changes into a different image without the correlation at all when observed under the reflection light and when observed under the transmitted light in fields of valuable printed matters such as the bank note, the passport, the securities, the identification, cards, and traffic tickets that are the security printed matters needing the forgery preventing effects.

In this printed matter, two inks which are observed isochromatic under the reflection light when printed on the base material but have different transmittances, are combined and used as a pair ink, and the images are formed by a special, complex halftone dot composition. There is provided a latent image printed matter that excels in authenticity distinction and forgery preventing effect, wherein neither a special light source nor a filter are needed and formation cannot be achieved by merely obtaining a commercially available permeation-type ink such as watermark printing, and the image that can be observed under the reflection light and the image that can be observed under the transmitted light are different images without any correlation.