Hyperspectral imaging (HSI) has been widely used in the conservation studies of various cultural heritage (CH) objects, e.g., paintings, murals, and handwritten historical manuscripts. In this work, HSI is used to study painted historical maps, i.e., five maps of the Scandinavia region from the Ortelius collection preserved at the National Library of Norway in Oslo. Given knowledge of their colour application and usage, HSI-based pigment identification is performed, assuming several spectral mixing theories, i.e., pure pigments, subtractive, and additive mixing models. The obtained results are discussed, showing both the pure pigment and subtractive mixing model to be suitable for pigment identification in the case of watercolour applied on paper substrate.