An improved evaluation of the Mg II 1240 A doublet oscillator strength is used in conjunction with recently published Copernicus observations to derive accurate Mg II column densities toward 74 stars. These imply an average of 40 percent of interstellar magnesium is in the gaseous phase. Magnesium depletion is examined as a function of various interstellar extinction and density parameters, and the results are briefly discussed in terms of current depletion theories.