An upconverting pigment dispersion includes an upconverting pigment, such as a β-NaYF4 crystal doped with at least one of Erbium, Ytterbium or Thulium. The upconverting pigment dispersion is aqueous. Upconverting inkjet ink is made by mixing the crystals with a polymer dispersant and water and milling the mixture until the crystal particles are between 50 nanometers and 200 nanometers. Deionized water, a colorant and a humectant are added to the milled mixture.