Silver is one of the most studied electrode materials for the electrochemical reduction of carbon dioxide into carbon monoxide, a product with many industrial applications. There is a growing number of reports in which silver is implemented in gas diffusion electrodes as part of a large-scale device to develop commercially relevant technology. Electrochemical models are expected to guide the design and operation toward cost-efficient devices. Despite decades of investigations, there are still uncertainties in the way this reaction should be modeled due to the absence of scientific consensus regarding the reaction mechanism and the nature of the rate-determining step. We review previously reported studies to draw converging conclusions on the value of the Tafel slope and existing species at the electrode surface. We also list conflicting experimental observations and provide leads to tackling these remaining questions.