Flint unmasks a thief on his crew. Rackham chases a score over Vane's objection. Silver hides with Max in the brothel. Eleanor faces an impossible choice.
Tropes:
Can't Kill You, Still Need You: Invoked by Silver. When he realises that the deal is a bust and now finding himself cornered, he memorises the page's contents before burning it, meaning Flint now needs him alive.
Facial Horror: While searching for Silver at the Wrecks, Rackham grabs a man by the shoulder thinking its him, only to be caught off guard by the horribly disfigured face of a dying victim of Syphilis.
Forensic Accounting: Gates manages to track down where the sale of the Urca page will happen by tailing the island's only appraiser, as he realises that Silver will want payment in something light and transportable like Jewels and will need his services in order to authenticate them.
Genre Savvy: Vane accuses Max of not having the page and trying to con them out of their money, claiming that Flint has the page. Jack immediately deduces what actually happened and tells Vane to calm down.
Get Out!: Max to Eleanor after she chooses the Urca and Flint over her.
Idiot Ball: For men as careful and capable as Flint and Gates, it is rather odd that Silver was never searched in the first place. Lampshaded, as even they don't quite understand how they let such an oversight get past them.
Missing Mom: Eleanor's mother is apparently dead. Later episodes would reveal she was murdered during a Spanish invasion.
My God, What Have I Done?: Billy says this nearly word for word after he covers for Flint in the previous episode.
Oh, Crap!: Vane when he realises that his plan to depose Flint has failed.
Sympathetic Wince: When Silver realises that Flint is on to him and there's no rowboat for him to escape, he attempts to jump into the water. Unfortunately, he bungles the dive and ends up belly flopping into the water. Even Gates can't help but wince.
