What it is
16 bounties, and the port screen lists the next few still open. The first are small, and the sort of thing you would do anyway: "Bring 100◆ home in one hold" for 40◆, "Sail the Broken Reef and live" for 80◆. They do not stay small, and a few can only be earned in the right hull.
How it pays
Into the purse, the moment you have earned it, so a sinking cannot touch what is already paid. Each pays once. Some add a fitting to your pay at the next report, or 100◆ if she has no slot for it. One of them pays nothing at all, and you will know the one.