What Pirates Teach Kids About Money

We think of these wild, criminal sailors who stole from other ships as complete outlaws, but it turns out quite a few of these pirates actually drew up contracts (or ‘articles’ as they were known) and followed rules throughout their voyages. Before they set out, they often negotiated the terms of these agreements, and stuck by them. Once out at sea, some pirate crews also voted on the best places to search for treasure, and how to divide up their spoils.

Pirates didn’t get paid like normal sailors. They often worked for a share of the pirate ship’s profits. And those profits weren’t given to them by the captain, but instead by the ship’s quartermaster, who also oversaw food for the crew, checked the ship was working and that the trip would make a profit – like a boss at a company today.

The pirate life was risky, but the rewards could be huge. While normal sailors might only earn tens of pounds a year, a very successful pirate stood to earn thousands after a successful voyage. Some retired from piracy after earning enough.

Pirate coins were worth a lot more than our own pennies. The gold doubloon contained 26.66 grams of gold. It was worth $16 (£11.50) at the time, around $400 (£288) today.

They don’t have long beards and cutlasses today, but pirates still exist in some parts of the world. A few years ago, sailors would hijack ships off the coast of Somalia, in East Africa, and demand a ransom. However, armed guards and patrols have lessened this sort of activity.