We present new imaging and spectroscopic observations obtained with the Extreme Ultraviolet Explorer (EUVE). Our 200 ¿ image shows high contrast (33%) and complete albedo reversal, i.e., contrast is reversed relative to the Moon in visible light. The high contrast at 200 ¿ suggests the potential of the EUV spectral region for surface compositional studies. The 600 ¿ image is surprisingly bland (<3% contrast). We derive surface reflectivities (geometric albedos) of individual surface regions for the first time with values of 0.11--0.15% at 200 ¿, and 2.5% at 600 ¿. Reflectivities derived from the medium- (MW) and long-wavelength (LW) spectra (140--380 ¿ and 280--760 ¿) show that lunar reflectivity decreases by a factor of approximately 60 over the 700 to 150 ¿ range. Our data further suggest that the Moon's brightness vs phase may behave differently than at longer wavelengths, and that surface fluorescence may contribute to the observed EUV brightness. ¿ 1998 American Geophysical Union