A transfer sheet material for forming retroreflective graphic images on a substrate, the sheet material comprising a monolayer of transparent microspheres; a color layer printed over the microspheres in a first graphic segment of the sheet material in an imagewise pattern, the color layer comprising a colorant in a transparent resin; a reflective layer printed over the microspheres in a second graphic segment of the sheet material in an imagewise pattern, the reflective layer comprising reflective flakes in a transparent binder, wherein the microspheres are partially embedded in at least one of the color layer and the reflective layer, individual microspheres having the reflective flakes arranged in cup-like fashion about their embedded portions; and a bonding layer printed over the color layer and the reflective layer, the bonding layer being sufficiently thick to embed all exposed surfaces of the color layer and the reflective layer and being adapted for use in securing the sheet material to a substrate. Also, a method for making such a sheet material. Also, a sheet material having the color layer and the reflective layer combined as a single layer. Also, a sheet material having a graphic segment in which a specularly reflective metal layer is deposited over the microspheres.
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