The term "purchase" in the phrase is used to mean success against piratical targets from whom booty might be successfully extracted.[2] The premise of the phrase was that if the expedition did not succeed in extracting booty from the target, those participating in the expedition would receive no reward.[3]
In the case of an unsuccessful raid, participants might receive nothing at all. But in the event that a raid was successful, loot was often shared equitably and democratically with clear ratios based on seniority and length of service.[4]
The phrase was used extensively to describe arrangements for pirates working on the Spanish Main in particular. The concept is said to have encouraged increased risk-taking as pirates made a calculated decision to attack more valuable targets with a better risk-reward ratio.[5]
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