What does the cryptic crossword clue "Old horse shown in new silver (3)" mean?

The definition is "Old horse". The wordplay uses a charade (building blocks). N (abbreviation="new") + AG (abbreviation="silver") = NAG; definition: "Old horse" The answer is NAG.

Old horse shown in new silver (3)

Daily Mail Cryptic #17478 | 16 Down | 2024-10-30 flower

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