Privateer
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Webster's Dictionary [1]
(1): (n.) The commander of a privateer.
(2): (v. i.) To cruise in a privateer.
(3): (n.) An armed private vessel which bears the commission of the sovereign power to cruise against the enemy. See Letters of marque, under Marque.
The Nuttall Encyclopedia [2]
A private vessel licensed by Government under a letter of marque to seize and plunder the ships of an enemy, otherwise an act of the kind is treated as piracy.