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so what's the point of the pirate coins existing? I can just use silver coins and keep the initial high exchange rate, or am I missing something?

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Here is the Trick: 

- You need to print and spend at least 10.000 Pirate Coints to progress the Story.

- I advise against printing too many pirate Coins. Keep them below 20.000 to play safe. Below 50.000 if you are impatient to upgrade your Ship and dont care about risk. Keep in mind however that each printed Pirate Coin will cost you extra silver crones on certain events and slow down your wealth generation.

- Use the Pirate coins early to upgrade your Ship!! That is by far the best use for them. Ship Upgrade for Pirate Coins are extremly cheap at the very beginning.

- Print only EXACTLY as much Pirate Coins as you need for the NEXT Ship Upgrade and buy it. Defense + Cargo are the most important. You can only buy one Upgrade per visit.

- Very important: I highly recommend to upgrade Ship Defense and Cargo to Level 8, before investing into the Ships Equipment. Otherwise you may ruin your playthrough by progressing your Story faster than your Ship can handle new Threats...

- Extra: If you want to uncover the special Bankruptcy Ending: Print endless Amount of Pirate coins and spent them for Upgrade and other Stuff. Dont trade or generating wealth. You need to file for Bankruptcy two times. Save before  attempting this.