By means of quantum beat spectroscopy we investigated the dynamics of magnetic moments associated with hyperfine levels in the molecule under “spin-flip conditions”. Oriented molecules in a cold beam were prepared by excitation with a circularly polarized laser pulse () in a weak magnetic field (). Subsequently, they were exposed to a rapid field inversion which left the magnetic moment in its initial orientation. The initially created coherences among the excited hf levels were conserved after field reversal and thus were explored to characterize the changes in the level structure due to this “Majorana spin-flip” process. Received: 4 February 1999