An improved method for the synthesis of cyclic low oxidation state P cations is presented. The only byproducts of the reaction of phosphorus triiodide with chelating phosphines are readily removed, resulting in an easily accessible P(I) reagent with an anion that can be readily replaced through salt metathesis chemistry. These P(I) salts are surprisingly stable, even in O2 and moisture, and the origin of this unusual stability is elucidated using density functional theory calculations.