Piet Pieterszoon Hein was a Dutch admiral and privateer for the Dutch Republic during the Eighty Years' War. Hein was the first and the last to capture a large part of a Spanish treasure fleet which transported huge amounts of gold and silver from Spanish America to Spain. The amount of silver taken was so large that it resulted in the rise of the price of silver worldwide and the near bankruptcy of Spain.

A privateer is a private person or vessel which engages in maritime warfare under a commission of war. Since robbery under arms was a common aspect of seaborne trade, until the early 19th century all merchant ships carried arms. A sovereign or delegated authority issued commissions, also referred to as letters of marque, during wartime. The commission empowered the holder to carry on all forms of hostility permissible at sea by the usages of war. This included attacking foreign vessels and taking them as prizes and taking crews prisoner for exchange. Captured ships were subject to condemnation and sale under prize law, with the proceeds divided by percentage between the privateer's sponsors, shipowners, captains and crew. A percentage share usually went to the issuer of the commission.