To answer that question you have to look at another question, what IS german silver (a.k.a. nickel silver) the answer to that is this. 65% copper, 18% nickel and 17% zinc. Melting point is 2,030F (1,110C) and has a specific gravity of 8.8.
From that we know that nickel makes things durable and strong, copper makes things workable and zinc makes things corrosion resistant. Also from teh copper we know that over time it will have a yellowish hue to it.
Sandpaper works well on this as it's easy to work with and form. Anything that can be used with copper can be used with this stuff as well. Only difference is the color and it's a bit harder to work with.
I perfer a flap wheel on my flex shaft. I have this one mandrel where I can put any grit sandpaper on it that I want in any shape/length.