Chemically pure colloidal suspensions of gold and silver nanoparticles were synthesized using pulsed laser ablation. The dependence of laser fluence on the surface plasmon characteristics of the nanoparticles was investigated. Au:Ag colloidal suspensions were prepared by mixing highly monodisperse Au and Ag nanocolloids. The plasmon band of these mixtures was found to be highly sensitive to Au:Ag concentration ratio and wavelength of the laser beam used in the ablation process. The Au:Ag mixture consists of almost spherical shaped nanostructures with a tendency to join with adjacent ones. The surface enhanced Raman scattering activity of the Au, Ag and Au:Ag colloidal suspensions was tested using crystal violet as probe molecules. Enhancement in Raman signal obtained with Au:Ag substrates was found to be promising and strongly depends on its plasmon characteristics.