Uniform spherical colloidal copper oxide particles were coated with polyaniline in the reaction mixtures containing CuO, aniline, water, ethanol, and polyvinyl alcohol (PVA) without the use of a soluble oxidant. The final dispersion consisted of a mixture of CuO with a polymer shell and independent polyaniline (latex) particles. The reaction between aniline and CuO follows the well-known mechanism by which the metal oxide undergoes reductive dissolution while the organic monomer is oxidized. Oxygen and PVA are essential to the polymerization of aniline in the system. Oxygen may function as an oxidant to promote the polymerization, while PVA forms micelles that enhance the reaction rate through emulsion polymerization and protect polyaniline from hydrolysis. A temperature higher than 90 degrees C is necessary for the reaction to achieve a coating of more than 10% by weight in 48 h. The thickness of the polymer shell can be adjusted by changing the reaction time and the concentrations of aniline, copper oxide, and ethanol. The structure of the produced polymer corresponds to that of polyleucoemeraldine.