Here, we compare the ligand exchange behaviors of silver nanoparticles synthesized in the presence of two different surface capping agents: poly(vinylpyrrolidone) (MW = 10 or 40 kDa) or trisodium citrate, and under either ambient or low-oxygen conditions. In all cases, we find that the polymer capping agent exhibits features of a weakly bound ligand, producing better ligand exchange efficiencies with an incoming thiolated ligand compared to citrate. The polymer capping agent also generates nanoparticles that are more susceptible to reactions with oxygen during both synthesis and ligand exchange. The influence of the original ligand on the outcome of ligand exchange reactions with an incoming thiolated ligand highlights important aspects of silver nanoparticle surface chemistry, crucial for applications ranging from photocatalysis to antimicrobials.