Prize money
From The Art and Popular Culture Encyclopedia
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| - | + | '''Prize money''' refers in particular to naval prize money, usually arising [[naval warfare]], but also in other circumstances. It was a monetary reward paid in accordance with the [[prize law]] of a belligerent state to the crew of a ship belonging to the state, either a warship of its navy or a [[privateer]] vessel commissioned by the state. Prize money was most frequently awarded for the capture of enemy ships or of cargoes belonging to an enemy in time of war, either arrested in port at the outbreak of war or captured during the war in international waters or other waters not the territorial waters of a neutral state. Goods carried in neutral ships that are classed as [[contraband]], being shipped to enemy-controlled territory and liable to be useful to it for making war, were also liable to be taken as prizes, but non-contraband goods belonging to neutrals were not. Claims for the award of prize money were usually heard in a [[Prize Court]], which had to adjudicate the claim and condemn the prize before any distribution of cash or goods could be made to the captors. | |
| - | A '''privateer''' was a private [[warship]] authorized by a country's [[government]] by [[letters of marque]] to attack foreign shipping. Strictly, a privateer was only entitled by its state to attack and rob enemy vessels during wartime. Privateers were part of naval warfare of some nations from the 16th to the 19th century. The crew of a privateer might be treated as [[prisoners of war]] by the enemy country if captured. The costs of commissioning privateers was borne by [[investor]]s hoping to gain a significant return from [[prize money]] earned from enemy merchants. | + | |
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Prize money refers in particular to naval prize money, usually arising naval warfare, but also in other circumstances. It was a monetary reward paid in accordance with the prize law of a belligerent state to the crew of a ship belonging to the state, either a warship of its navy or a privateer vessel commissioned by the state. Prize money was most frequently awarded for the capture of enemy ships or of cargoes belonging to an enemy in time of war, either arrested in port at the outbreak of war or captured during the war in international waters or other waters not the territorial waters of a neutral state. Goods carried in neutral ships that are classed as contraband, being shipped to enemy-controlled territory and liable to be useful to it for making war, were also liable to be taken as prizes, but non-contraband goods belonging to neutrals were not. Claims for the award of prize money were usually heard in a Prize Court, which had to adjudicate the claim and condemn the prize before any distribution of cash or goods could be made to the captors.
