Abstract: Disclosed is an aqueous acrylic polymer dispersion containing no protective colloid and a dispersed phase comprised of a polymer of (a) one or more monomers selected from the group consisting of acrylic or methacrylic esters containing up to 22 carbon atoms and (b) 0.1% to 2%, by weight of the total monomers, of at least one water-soluble free-radically polymerizable monomer selected from the group consisting of linear or cyclic, nonaromatic sulfonic acids or sulfonic acid metal salts, amine salts, ammonium salts and quaternary ammonium salts having (i) 4 to 36 carbon atoms, (ii) conjugated unsaturation and (iii) a solubility of at least 0.4 gram per 100 ml of water at about 20.degree. C. Also disclosed is a process for preparing the aqueous acrylic polymer dispersion by the aqueous emulsion polymerization, in the absence of a protective colloid and in the presence of a polymerization initiator, of (a) the acrylic or methacrylic ester monomer(s) and (b) the free-radically polymerizable monomer(s).