Merchant Manifest

Merchant Manifests are a type of Treasure that can be found all over Sea of Thieves. Merchant Manifests Representatives on Outposts are willing to offer Gold, Reputation and Emissary Value for these Chests. Merchant Manifests are items spawned only during Merchant Alliance Lost Shipment voyages. They will spawn on the shipwreck held by the skeletal remains of a merchant captain and are very valuable to the Merchants.

Mechanics
A player can only carry one Merchant Manifest at a time and cannot use items or sprint at the same time. When dropped, Manifests will emit a white glint from far away, making them easier to spot. Manifests will float to the top when dropped in Water, however they will start sinking to the bottom after 5 minutes have passed. Manifests dropped on land or on the shoreline will stay in-game virtually forever. Untouched Manifests will disappear when an island respawns. Manifests that have been dropped in Deep Waters will disappear after sinking to the bottom. Every manifest can be caught with a Ship's Harpoon.

Where to find
Merchant Manifests are found inside the Shipwreck at the end of a Lost Shipments voyage, picking up the Manifest completes the voyage. Sometimes, they spawn on the the surface of the water under a huge flock of seagulls if the shipwreck fails to spawn.

Emissary Mechanics
Any Player Crews sailing as Merchant Alliance Emissaries can receive Emissary Grade Reputation for picking up and putting Merchant Manifests on their Ship for the first time. This benefit is also applicable for Reaper's Bones Emissaries who gain Emissary Reputation for any Treasure items that they steal. Selling Merchant Manifests to the two companies as Emissaries does not give Emissary Grade Reputation, however Players do receive Emissary Value, which is counted for the respective Company Emissary Ledger leaderboards. The higher the Crew's Emissary Grade, the more Gold, Reputation and Emissary Value they receive for selling Manifests.

Rewards
Merchant Manifests can be cashed in to Merchant Alliance Representatives at any Outpost for Gold and Reputation with the Company. As stated before, Merchant Alliance Emissaries will also receive Emissary Value with the Merchants for selling the Manifests while flying an Emissary Flag. Being an Emissary also increases the Gold and Reputation gains for selling Manifests. Alternatively, Crews can choose to sell any Merchant Manifests to the Reaper's Bones Representative at The Reaper's Hideout instead for equal Gold and Emissary Value gains. Merchant Manifests also have various achievable Commendations tied to selling them, offering players additional rewards, such as Titles and Reputation.

The following is a table of the multiplicative Rewards for selling Merchant Manifests as Graded Emissaries.

When sold, the whole Crew is rewarded with equal amounts of Gold, Reputation and Emissary Value, while Alliance Members will earn half of the Gold and Reputation Gains, but no Emissary Value.

Types
There are various Types of Merchant Manifests with varying values

Commendations
Merchant Alliance Commendations:

Reaper's Bones Commendations: