The electrochemical reduction of CO2 on silver in aqueous electrolytes under ambient conditions yields CO and is accompanied by the production of H-2 from water reduction. In this work, a detailed multistep kinetics of the electrochemical conversion of CO2 to CO on a planar silver catalyst is examined using linear sweep voltammetry and chronoamperometry. The experiments were conducted in 0.1 M potassium bicarbonate solutions saturated with either CO2 or N-2 in a wide potential window (from 0 V to -1.99 V vs. RHE). The production rate of CO reached a maximum at approximately -1.6 V vs. RHE. A four-step mechanism involving three intermediate species, viz.(CO2-)-C-& lowast;, (COOH)-C-& lowast; and (CO)-C-& lowast;, was proposed to describe the CO2 reduction to CO. The hydrogen evolution reaction is shown to occur via Volmer-Heyrovsky mechanism involving H-& lowast; species. The model predicts that, in CO2 bubbled electrolytes, the surface coverage values of (CO2-)-C-& lowast; and (CO)-C-& lowast; species gradually increase with cathodic overpotential until -1.62 V vs. RHE, and decrease at higher overpotentials. On the other hand, the fractional coverage of (COOH)-C-& lowast; exhibits a maximum at -1.06 V vs. RHE. The water reduction mechanism reveals that, in both CO(2 )and N-2-bubbled electrolytes, H-& lowast; coverage is very low at low overpotentials, increases continuously at medium overpotentials, and almost saturates at unity at high cathodic overpotentials, explaining the low Faradaic efficiency of CO production at high cathodic overpotentials.