We report the first observation of high wave vector magnon excitations in a ferromagnetic monolayer. Using spin-polarized electron energy loss spectroscopy, we observed the magnon dispersion in one atomic layer (ML) of Fe on W(110) at 120 K. The magnon energies are small in comparison to the bulk and surface Fe(110) excitations. We find an exchange parameter and magnetic anisotropy similar to that from static measurements. Our results are in sharp contrast to theoretical calculations, indicating that the present understanding of magnetism of the ML Fe requires considerable revision.