In order to become a privateer, a ship's owner had to obtain a letter of marque from their government. This letter of marque gave the ship the authority to attack enemy ships and to seize their cargo. Privateers were also required to post a bond with their government, which ensured that they would not abuse their authority and attack neutral ships.
Privateers played a significant role in naval warfare during the early modern period. They were often used to supplement the navies of nation-states, and they could be very effective in disrupting enemy trade and commerce. In some cases, privateers even managed to capture enemy warships.
However, privateering was not without its risks. Privateers were often targeted by enemy ships and by warships, and they could be killed or captured in battle. Additionally, privateers were not always able to find enemy ships to attack, and they could sometimes go for months without making a profit.
Despite the risks, privateering was a lucrative business for many people. Privateers who were successful in capturing enemy ships could earn a great deal of money, and they often became very wealthy. Some famous privateers include Sir Francis Drake, Walter Raleigh, and Jean Lafitte.
Privateering was eventually outlawed by the Declaration of Paris in 1856. This declaration stated that privateers were no longer legitimate vessels of war, and that any ship that attacked an enemy ship without a letter of marque would be considered a pirate.