Aqueous dispersions of carboxylated cellulose esters are disclosed having a low organic solvent content. These dispersions can be prepared using a volatile hydrophilic organic solvent and a coupling organic solvent having a lower volatility, the volatile hydrophilic solvent being substantially stripped off during preparation to obtain a dispersion useful in a variety of coating compositions, providing satisfactory performance in metallic flake control, flow and leveling properties, and defect reduction.