You can aneal german silver, but it will never get as soft as sterling silver and it work hardens a lot faster. I hate working with it
. When it comes to workability, silver is my top number one, copper gets a good number2, brass 3-4 depending on quality. German silver is 6-8 . The higher the nickel content, the more it looks like silver, but the worse it is to work with. German silver with a low nickel content as a weak yellow shade which is very unpopulare with knife collectors. If I can't afford silver, I'd much rather use a good yellow brass.
In the first silversmithing class I took we practiced on german silver because its a lot cheaper and a lot more difficult to work than sterling silver. The idea was if we could make the object in german silver, we would have no problems when making it in sterling silver.
Best regards
Rolfkt