Stability and precise control over functional properties of metal nanoparticles remain a challenge for the realization of prospective applications. Our described process of shell formation and rebuilding can address both these challenges. Template silver nanoparticles (AgNPs) stabilized by poly(styrenesulfonate) are first transformed with gold deposition, after which the resulting shell rebuilds with the replaced silver. The shell formation and rebuilding are accompanied by large shifts in localized surface plasmon resonance (LSPR) peak position, which enables LSPR tuning in a range from 470 to 800 nm. Furthermore, chemical stability of Au-AgNPs is significantly improved compared to AgNPs due to gold stability. Silver templates of different shapes and sizes were demonstrated to transform to AuAg composite NPs to further extend the accessible LSPR range tuning. Stabilization of template AgNPs with poly(styrenesulfonate), in contrast to commonly used poly(vinylpyrrolidone), was found to be a key factor for shell rebuilding. The developed Au-AgNPs were shown to be advantageous for surface plasmon resonance (SPR) detection and surface-enhanced Raman spectroscopy (SERS) owing to their tunable LSPR and enhanced stability.