We study the spin dynamics in two variants of the high-anisotropy Mn6 nanomagnet by inelastic neutron scattering, magnetic resonance spectroscopy and magnetometry. We show that a giant-spin picture is completely inadequate for these systems and that excited S multiplets play a key role in determining the effective energy barrier for the magnetization reversal. Moreover, we demonstrate the occurrence of tunneling processes involving pair of states having different total spin.