I found a webpage with many ironclad pictures and it's worth noting that very few of them look like "upgraded" frigates.
Ironclads
Ironclads
Where's Stuie?
The one thing I don’t see in this thread is the main historical reason for privateers: commerce raiders! There are all these comparisons of value to the other ships, but what about the cargo? The AI seldom sends out a transport that isn’t transporting something! That caravel you just sank might have had 3 knights on it, or even a settler or two. I kind of wish it would say what went down with the ship. I personally build lots of privateers. I use them to explore, hunt barbarian galleys & when I get enough, I send them to choke points or obvious shipping lanes in stacks of six or more. That seems to be enough to take the 2-frigate/1-galley stacks the AI likes to use. Remember most of my privateers are vet or elites. I use the captured regulars to hunt barbs and get experience.
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