Multilayered magnetic pigment flakes and foils are provided. The pigment flakes can have a stacked layer structure on opposing sides of a magnetic core, or can be formed as an encapsulant structure with encapsulating layers around the magnetic core. The magnetic core in the stacked layer structure includes a magnetic layer that is sandwiched between opposing insulator layers, which in turn are sandwiched between opposing reflector layers. Similarly, the magnetic core in the encapsulant structure includes a magnetic layer that is surrounded by an insulator layer, which in turn is surrounded by a reflector layer. The insulator layers in the pigment flakes substantially prevent corrosion of the flakes when exposed to harsh environments. Some embodiments of the pigment flakes and foils exhibit a discrete color shift 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.