An authenticity indicator is difficult to be forged and has an authenticity that can be confirmed easily and accurately. The authenticity of the authenticity indicator can be checked by making light enter the authenticity indicator from front side and observing the light emerging from the front side or rear side. The authenticity indicator includes a polarized-light selectively reflecting layer that reflects a specified polarized component of incident light, and a transmission volume hologram layer disposed on the front side of the polarized-light selectively reflecting layer. According to this authenticity indicator, its authenticity can be checked accurately by making use of its first authenticity recognition function attributed to the diffracting action of the transmission volume hologram layer and its second authenticity recognition function attributed to the polarized-light selectivity of the polarized-light selectively reflecting layer.