Queen Elizabeth I Legalized Piracy
The fame – or infamy – of Francis Drake as a pirate is based on his track record of predation upon Spanish sea trade and coastal settlements. Much of it was driven by a desire for payback worthy of a Hollywood action adventure flick. In one of his early voyages, Drake was cornered by Spanish authorities, and escaped only with heavy loss of life among his crew. The experience left him with a lifelong hatred of Spain. In 1572, he received a Letter of Marque from Elizabeth I, that authorized him to plunder Spanish property.
Letters of marque were basically piracy licenses issued by governments. They allowed the bearers to prey upon and seize enemy ships. They could keep most of the proceeds, with a proviso that part of the profits from each seized ship belonged to the government that had issued the letter of marque. Armed with that authorization, Drake raided Panama, but was wounded and forced to retreat. After he recovered, he raided Spanish settlements around the Caribbean, and returned to England in 1573 with a rich haul of gold and silver.