This paper describes a simple and convenient procedure based on the Tollens process for the preparation of silver nanoparticles with a relatively narrow distribution in size. The starting reagents were similar to those commonly used in the electroless deposition of silver. Only under appropriate conditions, mixing of these reagents was able to generate stable aqueous dispersions of silver colloids rather than thin films of silver deposited on the surfaces of objects immersed in the plating solution (including the interior surface of the container). We have demonstrated the capability and feasibility of this approach by forming silver nanoparticles with dimensions in the range of 20–50 nm. These silver nanoparticles could exist as very stable dispersions in water, or as submonolayer coating on microscale colloids. We have also explored the use of light scattering simulation to study the oxidation (by air) of these nanoparticles.