Toner particles comprise resin, wax and optionally colorants, and the wax is substantially excluded from the interior core of the toner particles. Processes for preparing such toner particles comprise providing an aqueous dispersion of resin particles and optionally colorants, mixing the aqueous dispersion in presence of a coagulant, aggregating to form particles, coalescing to form fused particles, and removing the fused particles from the aqueous dispersion. Wax dispersions can be added either after mixing or during aggregation, so that wax is excluded from the core of the toner particles.