We show that superparamagnetic Co clusters supported on a Au(lll) surface e
xhibit a strong variation in perpendicular magnetic anisotropy with cluster
size, which can be ascribed to electron localization at the perimeter of t
he clusters. The reduced dimensionality of such sites leads to drastic chan
ges in the 3d electronic structure resulting in an increased orbital magnet
ic moment and a temperature-dependent 3d band occupancy. [S0163-1829(99)512
02-2].