Real silver is identified by its sound, its lack of magnetic qualities and by its ability to conduct heat. For instance, when tapped together, two silver coins emit a high, clear tone. The bell-like ring continues for a second or two.
Silver is not attracted to magnets, so a small piece of the metal is not moved by a bigger magnet. Similarly, a small magnet does not stick to a larger silver object. Finally, silver seems to make ice melt at a faster rate than it typically does when out of the freezer. The metal is a good conductor of heat, so the melting process speeds up when an ice cube is placed on a piece of silver.