The ligand properties of 2‐(phenacylthio)pyridine towards gold(I) and silver(I) have been investigated. From the reactions of the ligand with acetone solutions of [M(PPh3)(acetone)]ClO4 (M = Ag, Au) under various experimental conditions, complexes [(AuPPh3)n{py{SCH2C(O)Ph}‐2}](ClO)n, and [(AgPPh3)n(OClO3)n{py{SCH2C(O)Ph}‐2}](n = 1−3) have been obtained. The crystal structures of the complexes [(AuPPh3){py{SCH2C(O)Ph}‐2}]ClO4 and [(AgPPh3)(OClO3){py{SCH2C(O)Ph}‐2}] have been determined by X‐ray diffraction. In the cationic gold complex the metal is linearly coordinated to nitrogen and phosphorus, whereas the corresponding silver complex displays a trigonal planar geometry with pyridine, phosphane and perchlorato ligands.