PURPOSE: To enable a recording display which is still sharp even after a long time is elapsed by forming a multi-cell structure between two substrates at least one of which is transparent or translucent and charging transparent or translucent specific-yield-value dispersion liquid, consisting principally of fine magnetic flakes whose saturated magnetism is specific, a dispersant, and a particulate thickener, in cells.

CONSTITUTION: The dispersion liquid whose yield value is ≥2dyne/cm2 is prepared by adding the magnetic flakes whose saturated magnetism is ≥20emu/g to the transparent or translucent plastic dispersed liquid consisting essentially of the dispersant and paticulate thickener. This dispersion liquid 3 is changed in the respective cells 4 of a substrate which have the cells 4 which are not linked, but independent of one another and after the magnetic flakes are attracted sufficiently to nearby the surface of the substrate 2 from the top surface side of the substrate 2 by a rubber magnet, a substrate 1 is stuck to form the magnetic panel.