Silver dilutes the black pigment on the body of the horse to a silvery chocolate color, and turns the mane and tail flaxen. This means that black horses show the effect most strongly. Bay horses have their black legs diluted and flaxen mane and tail, but their red body remains unchanged. Because they do not have black hair to dilute, chestnut horses that have the silver dilution do not show the effect. Because chestnuts with the silver dilution can have self-colored manes and tails, it does not appear that silver alters their manes and tails to flaxen. 

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Silver-diluted black can vary in color from a pale taupe to a deep chocolate that approaches black. Seasonal changes are common, with winter coats tending to be paler. As they age, the flaxen manes and tails tend to darken, starting at the roots. Black silvers sometimes show dappling. This is especially vivid when the horse is clipped. Paler silvers sometimes have a dark face mask similar to that seen on dun horses. 

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When combined with cream, silver-diluted black pigment tends to lose its cool, silvery tones and look more like milk chocolate. Black silvers with cream, sometimes called silver smokies, often lack the contrast in their manes and tails seen in ordinary black silvers.