An anti-counterfeiting medium includes a recording medium, a polarizer layer arranged on a part of the recording medium. The polarizer layer is formed thereon with a low extinction-ratio area that forms an image portion where a polarizer exhibits an extinction ratio lower than in a portion other than the low extinction-ratio area of the polarizer layer. The recording medium is formed thereon with an image portion that is a part of the recording medium and has a nature different from that of a portion other than the part of the recording medium.