To provide: a silver particle dispersion that is dispersible into particles with a small average particle size, excellent in dispersibility, dispersion stability, and high-concentration dispersibility or the like, and also, excellent in conductivity after heating at a low temperature of 180C; its manufacturing method; and a particle dispersion liquid formed by applying solvent replacement to the particle dispersion.

This invention relates to a silver particle dispersion for forming a conductive coating film. The silver particle dispersion is obtained by bringing silver gas into contact with low vapor-pressure liquid in which sorbitan monooleate is dissolved. Its manufacturing method, and the silver particle dispersion liquid formed by applying solvent replacement to the silver particle dispersion are also provided.