Spin transfer from circularly polarized real photons to recoiling hyperons has been measured for the reactions $\vec\gamma + p \to K^+ + \vec\Lambda$ and $\vec\gamma + p \to K^+ + \vec\Sigma^0$. The data were obtained using the CLAS detector at Jefferson Lab for center-of-mass energies $W$ between 1.6 and 2.53 GeV, and for $-0.85<\cos\theta_{K^+}^{c.m.}< +0.95$. For the $\Lambda$, the polarization transfer coefficient along the photon momentum axis, $C_z$, was found to be near unity for a wide range of energy and kaon production angles. The associated transverse polarization coefficient, $C_x$, is smaller than $C_z$ by a roughly constant difference of unity. Most significantly, the {\it total} $\Lambda$ polarization vector, including the induced polarization $P$, has magnitude consistent with unity at all measured energies and production angles when the beam is fully polarized. For the $\Sigma^0$ this simple phenomenology does not hold. All existing hadrodynamic models are in poor agreement with these results.
Coefficients Cx and Cz for the reaction GAMMA P --> K+ LAMBDA for incident energy = 1.032 GeV and W = 1.679 GeV.
Coefficients Cx and Cz for the reaction GAMMA P --> K+ LAMBDA for incident energy = 1.132 GeV and W = 1.734 GeV.
Coefficients Cx and Cz for the reaction GAMMA P --> K+ LAMBDA for incident energy = 1.232 GeV and W = 1.787 GeV.
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