It is used to open the small chest in the north-west store room. To enter the room, the player needs to pick the lock on the door while the guard is facing away. If the guard sees the player picking the lock, the guard will attack them.
The chest gives a reward of coins or 1-5 pieces of random jewellery and cut gems (through Diamond). It is possible to not receive anything from the chest.
After using the key to unlock the chest, the player receives a message in the chatbox saying: "Your silver key breaks in the lock." and the key disappears from the inventory.
Please note: All of the H.A.M. keys (bronze, iron, steel and silver) can be obtained at the lowest level of the H.A.M. Dungeon by pickpocketing the H.A.M. Guards. Rewards from the chests include: coins (small amount), 1-5 pieces of random jewellery (ranging from gold to diamond) and/or cut gems (also ranging from sapphire to diamond).