We report on the metal ion exchange between Co(2+) and CdS-based molecular clusters. These studies demonstrate that exchange into the smaller [Cd4(SPh)10](2-) clusters is facile compared to the larger [Cd10S4(SPh)16](4-) and [Cd17S4(SPh)28](2-) clusters. This trend correlates with the rate of benzenethiolate interconversion and μ-S(2-) and μ-SPh(-) content among the clusters.