We present analyses of two Ginga observations and two observations fro
m the ROSAT database of NGC 7469, focusing on the spectral variability
observed on timescales of days and longer. During the 3 day 1988 Giny
a observation, the hardness ratio (8-21 keV/3.4-5.7 keV) increased sig
nificantly as the total flux decreased by 30%. As the spectrum is well
fit by the reflection model and since the spectral variability domina
tes the higher energy band, this could be explained by either a variat
ion in the power-law index or in the effective covering fraction of th
e reflecting material. This ambiguity is inherent in reflection modeli
ng of Ginga spectra from moderate flux Seyfert 1 galaxies. Assuming th
at the power-law index did not change, we find that the reflected flux
is consistent with being constant, suggesting that much of the reflec
ting material may be located more than 3 light-days from the continuum
source with the molecular torus being a plausible site. This scenario
is also supported by the report of a narrow rather than broad iron K
alpha line in the ASCA data by Guainazzi et al. NGC 7469 was faint dur
ing the 1989 Ginga observation, but variability was observed with doub
ling timescale of 5 hr, and the spectrum was harder. A reflection comp
onent could not be constrained, and the change in the spectrum could b
e explained by an increase in neutral absorption. The brighter of two
ROSAT spectra was significantly softer, and in both spectra there was
evidence of spectral complexity, as has been previously reported by Tu
rner, George, & Mushotzky and Brandt et al. The spectrum could be fit
by a variety of two-component models, including a warm absorber model,
an ionized disk model, and a thermal model with single-component blac
kbody spectrum, but joint fitting of the 1988 average Ginya spectrum a
nd the nonsimultaneous ROSAT spectra favored thermal models, as other
models required an anomalously high reflection ratio. This model is su
pported by the observation of a soft excess component and the lack of
ionized absorption edges in the ASCA spectrum by Guainazzi et al. The
long-term spectral variability could be explained by relative variabil
ity between the power-law and soft excess component normalizations, pe
rhaps implying that hard X-ray reprocessing in thermal material does n
ot dominate on long timescales.