As their name implies, these bullets are painstakingly crafted and decorated out of pure silver (save for the firing cap). These bullets are ideal for dealing with Ghosts, as a single shot can knock a Ghost into a helpless state. During this state, a Ghost can be pinned down with a Sword of Obedience. Only a single silver bullet can be loaded into the pistol at any given time, and they come in clips of single bullets. They cannot be fired from Richard's Revolver.
These bullets are very rare: there are only three of them in the entire game (found during Henry Townshend's second visits to the Subway World, Forest World, and Hospital World) and as such should be saved for very special cases. Some "New Type" ghosts in particular, Andrew DeSalvo and Richard Braintree, should be struck down by one of these bullets. Also, due to their value, they should only be fired if a direct hit is sure to be scored.
If Henry takes the Keys of Liberation and returns to Eileen Galvin's room in the hospital world (a process which takes around 20-30 minutes one way or 40-60 minutes to get back), a third silver bullet will appear on Eileen's bed. This is presumably so it can be used against the final boss fight with Walter Sullivan. This must be done before unlocking Room 302's front door or else Henry will simply say "I can't leave Eileen all alone" when trying to leave Room 302 of the Past. In addition, Eileen must be with Henry when retrieving this bullet or else Henry will say the same message. The player should also have Cynthia's Commuter Ticket.
- Subway World 2nd Time, southeast stairs, King Street Side Entryway
- Forest World 2nd Time, area with the weird tree and arm-like branches
- Hospital World after taking Keys of Liberation, Eileen's room