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Previously we studied the effect of Cr spacer layer on in-plane coercivity in Co/Cr multilayered films. It was found that the high coercivity is related to the easy axis in-plane orientation and the character of the composition modulation. In this paper, the dependence of the saturation magnetization as a function of Co layer thickness is used to study the interface structure. The layer structure is confirmed by small angle x-ray diffractometry for typical films. The magnetic interaction among the grains is studied by examining deviation from the behavior predicted by the Wohlfarth model for noninteracting single-domain particles. Journal of Applied Physics is copyrighted by The American Institute of Physics.