The effect of maghemization on the magnetic properties of magnetite (Fe 3 O 4 ) grains in the pseudo-single-domain (PSD) size range is investigated as a function of annealing temperature. X-ray diffraction and transmission electron microscopy confirm the precursor grains as Fe 3 O 4 ranging from $150 to $250 nm in diameter, whilst M€ ossbauer spectrometry suggests the grains are initially near-stoichiometric. The Fe 3 O 4 grains are heated to increasing reaction temperatures of 120-2208C to investigate their oxidation to maghemite (c-Fe 2 O 3 ). High-angle annular dark field imaging and localized electron-energy loss spectroscopy reveal slightly oxidized Fe 3 O 4 grains, heated to 1408C, exhibit higher oxygen content at the surface. Off-axis electron holography allows for construction of magnetic induction maps of individual Fe 3 O 4 and cFe 2 O 3 grains, revealing their PSD (vortex) nature, which is supported by magnetic hysteresis measurements, including first-order reversal curve analysis. The coercivity of the grains is shown to increase with reaction temperature up to 1808C, but subsequently decreases after heating above 2008C; this magnetic behavior is attributed to the growth of a c-Fe 2 O 3 shell with magnetic properties distinct from the Fe 3 O 4 core. It is suggested there is exchange coupling between these separate components that results in a vortex state with reduced vorticity. Once fully oxidized to c-Fe 2 O 3 , the domain states revert back to vortices with slightly reduced coercivity. It is argued that due to a core/shell coupling mechanism during maghemization, the directional magnetic information will still be correct; however, the intensity information will not be retained.