The reaction of PbCl2 with LiN(PPh2)2 (1) at −78°C affords the P−P coupled phosphazene Ph2P−N=PPh2−PPh2=N−PPh2 (2) as an oxidation product and, as a reduction equivalent, the novel lead(1+) complex [(Pb1+)2(μ‐Ph2P···N···PPh2−)2](Pb−Pb) (3). The crystal structure determination of the red compound 3 shows a Pb−Pb bond length of 304.1(1) pm. The 31P‐ and 207Pb‐NMR spectra of 3 are complicated due to the presence of a higher order spin system (AA′A′′A′′′X for the mono‐207Pb isotopomer, AA′A′′A′′′XX′ for the bis‐207Pb isotopomer). Simulations of the 31P and 207Pb spectra both on material with natural isotope abundance and on the 207Pb‐labelled compound (3*) reveal a large Pb,Pb coupling constant of 7708 Hz, indicative of a covalent Pb−Pb bond. − Though InCl3 is diagonally related to PbCl2, no significant redox process is observed in the reaction between InCl3 and 1. The yellow crystals of [In3+(Ph2P···N···PPh2−)3] (4) that are obtained were also investigated by X‐ray analysis. These show a propeller‐like configuration of the three four‐membered chelate rings with indium(3+) as the centre.