The highly magnetic (field magnitudes of 50 nT at 18 km altitude) Reiner Gamma albedo feature on the near side of the moon has been explained in terms of differential space weathering of an old feature, or a recent cometary impact. We investigated this feature using magnetometer data from Lunar Prospector. The minimum magnetization necessary to explain the magnetic field observations varies from 100 A/m for a 10 m thick layer, to 1 A/m for a 1 km thick layer. Magnetic sources appear to lie within a few km of the surface, and be magnetized in a north-south direction. The strength of the magnetization appears spatially related to the albedo of the feature. These constraints point towards an ancient origin for the magnetic field signal (possibly due to basin impact ejecta), and the origin of the albedo feature as a consequence of retarded ageing under the umbrella of the Reiner Gamma mini-magnetosphere.