There are two major types of silver that can be designated, as follows:

Sterling silver
Sterling silver is 92.5% silver and 7.5% copper. Much silver jewelry today is sterling silver jewelry, which is especially popular used with turquoise and amber.

Vermeil is sterling silver covered with 120-millionths of an inch or more silver that has been electroplated or mechanally bonded to the silver.

Fine silver
Fine silver is 99.9% silver and as such is referred to as pure silver. Fine silver is most commonly used for wedding jewelry such as engagement rings and wedding bands, particularly inlaid with yellow gold for contrast.

Misnomers
Mexican silver, German silver, Indian silver, Montana silver, or any any designation with "silver" in the name does not guarantee any silver content. For example, German silver is another name for the alloy containing copper, nickel and zinc.