As the characteristic length scale of devices continues to decrease, it is essential to understand the fundamental magnetic properties of reduced dimension structures. This paper examines the electronic and magnetic properties of two-dimensional nanoscale Co islands on an Ir(111) surface using spin-polarized scanning tunneling microscopy. The pseudomorphic Co islands investigated are ferromagnetic and single domain, with the magnetic easy axis normal to the sample surface. Remarkably, the coercivity of these islands is greater than 4 T and magnetic saturation of the islands requires an applied field of at least 5 T.