A particulate, free-flowing and rapid dissolving polymer composition is prepared by comminuting a high molecular weight thermoplastic or viscoelastic polymer at a temperature below its glass transition temperature while maintaining the polymer in an inert environment. A finely divided, solid coating agent is mingled with the comminuted polymer while maintaining the polymer particles in a cold and inert atmosphere. The particles of coating agent form a protective shell around each polymer particle by tumble mixing the components while raising the temperature of the mixture. The polymer composition finds use as a drag reducing agent; as an anti-misting agent; to enhance the efficiency of oil skimming processes and devices; and for the preparation of polymer solutions for other uses.