The study of nanometer and subnanometer colloidal metal particles in aqueous solution complements the investigation of small particles in molecular beams, frozen solutions, and inorganic clusters. The electronic properties of the metal particles are changed by surface modification, for example by chemisorption of a nucleophilic molecule or by deposition of a second metal. The resulting changes in the chemical, photochemical, and optical properties are discussed. Methods are described which enable one to store excess electrons or positive holes on the particles in a controlled manner and to investigate the accompanying changes in the optical properties. Metal particles carrying excess electrons initiate electrochemical reactions such as the reduction of water or the deposition of metals