The oldest topic in nanoscience is the size-dependent optical properties of gold and silver colloids or nanoparticles, first investigated scientifically by Michael Faraday in 1857. In the modern era, advances in both synthesis and characterization have resulted in new insights into the size-dependent absorbance of Au and Ag nanoparticles with sizes below the classical limit for Mie theory. In this paper we discuss the synthesis and properties of core/shell and nanoalloy particles of Au and Ag, compare them to particles of pure gold and silver, and discuss how alloying affects nanoparticle chemical stability. We show that composition, size, and nanostructure (e.g., core/shell vs quasi-random nanoalloy) can all be employed to adjust the optical absorbance properties. The type of nanostructure-core/shell vs alloy-is reflected in their optical absorbance features.