Broken Merchant Alliance Flag

The 'Broken Merchant Alliance Flag is a Broken Emissary Flag Treasure item in Sea of Thieves. Broken Emissary Flags are acquired from sunken Emissary Ships and are only valuable to the Reaper’s Bones Trading Company who are willing to pay handsomely for them. Broken Merchant Alliance Flags can appear in 6 variations, depending on the Grade of the sunken Ship. The higher the Grade, the better the Reward. A Player's own Ship's Flag is marked as Yours and will return negligible rewards. All the variations visually look the same, with their type being indicated in the pick-up prompt of the Item.

Where to Find
Broken Merchant Alliance Flags can be found floating to the surface after a ship representing the Merchant Alliance Trading Company as an Emissary has sunk. This is the only source for the Flags and as such, they require Resources or strategy to sink the ship and stop other players from taking the Flag. Player Crews can also Scuttle their own Emissary Ship to receive their Flag, but selling your own flag will only reward the Crew with 1 Gold and a note from the Servant's displeasure with you.

Rewards
There are 6 variations of Broken Merchant Alliance Flags that can only be sold to The Servant of the Flame at The Reaper's Hideout for Gold and Reaper's Bones Reputation and Emissary Value

Pirate Chat Wheel
Here is the Pirate Chat Wheel for the Broken Merchant Alliance Flag: