In an identification medium, switching of images can be clearly observed, and the medium has a structure produced at low cost. The structure comprises a cholesteric liquid crystal layer 102 in which a hologram is formed, and which selectively reflects circularly polarized light of a specific rotating direction of a specific central wavelength, a cholesteric liquid crystal layer reflecting the entire range of visible light 105 which has reflection characteristics equivalent to a case of reflecting the entire range of visible light and which reflects circularly polarized light of the same rotating direction as the circularly polarized light reflected from the cholesteric liquid crystal layer 102, and a display pattern 106 having a specific content displayed, arranged in this order, as seen from the side of observation.