- English merchants - financed by private investors, including Elizabeth, raided Spanish colonies as well as ships voyaging to and from the New World
- one raid alone, in 1572, Sir Francis Drake captured £40000 in Spanish silver
- second expedition between 1577 and 1580 resulted in the capture of £400000 of silver and gold
- Elizabeth also encouraged Dutch rebels, known as Sea Beggars, to attack Spanish ships between Spain and the Netherlands
- by 1580, loss of silver meant that the Spanish government was bankrupt and could not afford to pay its soldiers