Pirate ships would stay at sea for long periods. The captain took the lion's share of the loot and the rest was shared amongst the crew.
To prevent 'shipmates' from stealing any gold they might have earned, they would have it cast into rings and fixed through an ear. Then when they got ashore, have it cut off (the gold not the ear) and sell it.
they wore gold rings as a sign that they were successful experienced pirates that had won much plunder and booty. its like a badge of honor
They didn't wear earrings.
Because it was to show that they had sex with someone up to 10 times
To show off how they have a lot of acquisitions(sp?)
or maybe because they thought it was badass
they were homosexual. they spent months at sea with only men sailors.