What was pay for silversmith in 1700s?

Most silversmiths were small businessmen, in business for themselves. How much money they made depended on how good they were at silversmithing and running a business. If the smith made good quality objects, sold them at a fair price, took care to keep his customers happy, filled orders promptly, then he would prosper. Small businesses still have to do all these things today to be successful. A silversmith had to buy raw silver sheets, tools, silver solder, molds and all other raw materials and tools of the trade. He had to have a place to do business. In those days almost all businesses were small ones, and generally done out of the home. The business premises were downstairs and the family lived upstairs, over the shop. Whatever was left over after all expenses were paid was the profit, or the silversmith's pay.

To learn silversmithing, or any trade, most people went through the apprentice system. A young boy would be "apprenticed", or "bound" to a master craftsman, like an established silversmith. The master would teach the apprentice how to do the work, and provide him with a room and food and clothes. The apprentice would live in the master's house. The apprentice was not paid, but all his needs were taken care of and he worked in the shop, at first on simple parts of the work, and more involved parts as he learned and his competence grew. After several years he would reach the status of journeyman. This was intermediate, halfway between apprentice and master. The journeyman still could not do the hardest and most intricate work, but knew a lot. After a few more years he would know enough to be a master himself. He could leave the master's business and set up his own shop.

Paul Revere learned the silversmith trade from his father Appollon de Rivoire, who was a Boston silversmith. So, young Revere did not have to leave his family and go through the apprentice process with an unrelated family. He took over his father's business, and was perhaps the best silversmith in New England. His earnings would have been considerable, and provided a comfortable living for his family. Something like upper middle class today. He would have made much more money than most farmers or laborers or sailors, or most common storekeepers. He was an extremely skilled craftsman.