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It means That is .500 pure silver which is a lower grade silver then .999 pure. .999 silver is THE most absolute pure silver. I fi is a GOLD ring that says it , then it means it is a .500 silver ring with ( HGE) heavy gold electoplate.
What no they mean
It means nothing at all - if it is stamped Sterling that means it is 92.5 percent silver - if it has no writing or stamping on it - it may or may not be silver - it means you should have it tested by a professional so you don't accidentally blind yourself with acid
99 on silver means 99% (or more) silver, or pure silver. Sterling silver is marked 925 (or 92.5%).
Not sure what the 2 means. But real silver will have a .925 stamp.