In the Elizabethan and Stuart ages, exploration and colonization was a private enterprise. The English Crown would grant exclusive rights to individuals and corporations to form and exploit colonies, in exchange for sovereignty and a portion of the proceeds. Such propositions were high risk/reward, profit-driven enterprises, of interest to a relative few explorers and investors.
Queen Elizabeth I of England granted Walter Raleigh a charter to establish a colony north of Spanish Florida in 1583, the area called “Virginia” in honor of the virgin Queen. At the time, the name applied to the entire coastal region from South Carolina to Maine and included Bermuda.
By the turn of the 17th century, Raleigh’s influence with the Queen was just about nil. Liz’ only interest seemed to be the revenue stream produced for the crown, and Raleigh was providing none after sinking £40,000 into the disastrous “Lost Colony of Roanoke
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