begin partial quote from: "Privateer from Wikipedia"
A common practice among Europeans from the late Middle Ages to the 19th century, cruising for enemy prizes with a letter of marque was considered an honorable calling that combined patriotism and profit. Such legally authorized privateering contrasted with unlicensed captures of random ships, known as piracy, which was universally condemned.[2] In practice, the differences between privateers and pirates were sometimes slight, even merely a matter of interpretation.[3][4]
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