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We present the results of an investigation of epitaxial Ag/bcc Fe/Ag(001) and Ag/fcc Co/Ag(001) sandwich structures in which we use polarized neutron reflection (PNR) as a direct probe of the absolute value of the magnetic moment per atom in order to test recent theoretical calculations for these systems. An 8‐ML bcc 57Fe and a 2‐ML fcc Co film were found to display planar anisotropy at 300 K from surface magneto‐optic Kerr effect measurements, and were selected for PNR measurements in the temperature range 4–300 K with the films magnetically saturated in‐plane. The flipping ratio observed for the 8‐ML 57Fe film is consistent with a ferromagnetic moment in the range 0.9–1.1 Bohr magnetons, which is significantly reduced from the bulk value, in contrast with recent theoretical predictions of a strongly enhanced ferromagnetic moment for this epitaxial system. No temperature dependence of the magnetization is detected, confirming the anticipated bulklike behavior. For the 2‐ML fcc Co film, the observed flipping ratio is consistent with a ferromagnetic moment in the range 1.8–2.2 Bohr magnetons, which is significantly enhanced from the bulk hcp value, in agreement with recent theoretical calculations. No temperature dependence of the Co magnetization was detected.