To date, it has not been possible to combine the high optical quality of silver particles with the good chemical stability and synthetic convenience in a fully aqueous system, while simultaneously allowing chemical surface functionalization. We present a synthetic pathway for future developments in information, energy and medical technology where strong optical/electronic properties are crucial. Therefore, the advantages inherent to gold are fused with the plasmonic properties of silver in a fully aqueous Au/Ag/Au core–shell shell system. These nanoparticles inherit low dispersity from their masked gold cores, yet simultaneously exhibit the strong plasmonic properties of silver. Protecting the silver surface with a thin gold layer enables oxidant stability and functionality without altering the Ag-controlled optical properties. This combines both worlds—optical quality and chemical stability—and is not limited to a specific particle shape.