A display panel includes a transparent image recording sheet having electrophotographically formed thereon at least a background portion, wherein space factor of pinholes per unit area of the background portion is no greater than 1.times.10.sup.-2%. A method of manufacturing the display panel is also disclosed. The background portion has a transparent optical density of 3.0 or greater and an image portion has a transparent optical density of 1.0 or less, and preferably 0.1 to 1. A toner used for electrophotographically forming the background portion and the image portion has a number average molecular weight of 1,000 to 6,000 and a weight average molecular weight of 30,000 to 150,000 as measured by gel permeation chromatography with respect to a portion of the toner dissolved in tetrahydrofuran, and has respective molecular weight distribution peaks in molecular weight ranges of 1000 to 10,000 and 100,000 to 1,500,000.