The optical properties of silver nanocrystal arrays are investigated using spectroscopic ellipsometry in combination with polarized reflection measurements. Analysis of the ellipsometry and reflectometry spectra in terms of the “thin island film” theory enables a transparent identification of the contribution of collective effects to the optical response. Negligible image charge effects imply that only dipole contributions have to be considered. The interactions between the hexagonally ordered silver nanocrystals give rise to an effective modification of the spherical response to oblate entities with different polarizabilities parallel and perpendicular to the substrate, expressed in terms of corresponding depolarization factors. The effect of nanocrystal ordering, nearest-neighbor distance, size distribution, surrounding ambient, and the optical properties of the single nanocrystals on the optical response are analyzed. The extent of plasmon resonance peak splitting as a function of surface coverage is discussed.