Let F be an algebraically closed field of characteristic zero, and G be a finite abelian group. If A = ⊕ g∈G A g is a G-graded algebra, we study degree-inverting involutions on A, i.e., involutions * on A satisfying (A g ) * ⊆ A g −1 , for all g ∈ G. We describe such involutions for the full n × n matrix algebra over F and for the algebra of n × n upper triangular matrices.