Multilayered magnetic pigment flakes and foils are provided. The pigment flakes can have a symmetrical coating structure on opposing sides of a magnetic core, or can be formed with encapsulating coatings around the magnetic core. The magnetic core can be a magnetic layer between reflector or dielectric layers, a dielectric layer between magnetic layers, or only a magnetic layer. Some embodiments of the pigment flakes and foils exhibit a discrete color shift so as to have distinct colors at differing angles of incident light or viewing. The pigment flakes can be interspersed into liquid media such as paints or inks to produce colorant compositions for subsequent application to objects or papers. The foils can be laminated to various objects or can be formed on a carrier substrate.