Water-continuous emulsion of elastomeric polymers are disclosed having a solids content of greater than 75%, an average particle size less than 5 .mu.m, and having sufficient stability to produce a stable lower solids emulsion upon dilution with water comprising; an elastomeric polymer, surfactant, water, optional plasticizer, optional low molecular weight acid, and is essentially free of organic solvents. The water-continuous emulsions of elastomeric polymers can be prepared by; (I) forming a premix that is essentially free of organic solvents comprising an elastomeric polymer and surfactant, and optionally a plasticizer and low molecular weight acid, and (II) adding water to the premix with mixing to form a water continuous emulsion of the elastomeric polymer having a solids content of greater than 75%, an average particle size less than 5 .mu.m, and having sufficient stability to produce a stable lower solids emulsion upon dilution with water.