The novel begins with young Henry on a Welsh farm, listening to Dafydd, an old farm hand who became a pirate and returned to tell of his adventures. The old farm hand tells Old Robert (with Henry listening) his colorful tales of the Caribbean, then leaves by morning. Those stories encourage Henry to leave home to seek his fortune. Henry becomes a famous pirate captain with two goals: to capture Panama from the Spanish, and to win the heart of the Red Saint (La Santa Roja). When Morgan captures Panama, the Red Saint is waiting inside the city. The city is easily taken, but the Red Saint puts up a fight. After Morgan and his crew raids the city, they leave with riches and no Red Saint. Morgan ends his career as a pirate and is knighted by the English King, who places Morgan in charge of disciplining other pirates.