I decided to chemically test the ends of a ribbon I got out of a printer. Here are the results:
You can see the hydrochloric acid reacting strongly with the metal.
And here you can clearly see the copper metal revealed. The copper is plated, possibly with silver (likely something else), but because the acid removed it so quickly it would be very, very thin (no realistic amount would be possible for silver recovery).
Sorry for the thread necromancy, but I had this same question myself and wanted to share my results.
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