Granular alloys of FexCuxAg100-2x (x = 15, 35) have been produced by mechanical alloying. The x = 15 alloy is composed of Fe(Cu) and Ag nanocrystals, whereas the Fe35Cu35Ag30 is amorphous. DC magnetisation and AC susceptibility (5-300 K) show a maximum about 150 K for the x = 15 alloy. The magnetisation has been fitted using log-normal distribution of grain sizes. The effect of interparticle interactions is discussed. (C) 2002 Elsevier Science B.V. All rights reserved.