To provide a watermarked paper to which a forgeryproof treatment is applied with such advantages that the manufacture of the paper in a small lot is possible and the manufacturing cost is low and the judgement of whether a photocopy obtained by color copying is genuine, is easy, and a method for manufacturing the paper.

The paper 1 to which a forgeryproof treatment is applied is of such a structure that a base material 10 of a fine quality paper is impregnated with a patterned transparent resin layer 20 from one side of the base material 10 and a pearl pigment layer 30 is applied to the surface of the layer 20. In addition, in order to form the patterned transparent resin layer 20 with which the base material 10 is impregnated and the pearl pigment layer 30 laminated on the former, an oil-type pearl ink for offset printing which is adjusted to fall within the tack value range of 3 to 6, is used. Thus the paper is manufactured by printing the pearl ink in a wet state and within the range of 2 to 6 μm.