I think they drop little bits of torn clothing from the adventurous pirates giving it a shot before you. (only kidding of course, but they do drop gold.)

https://www.pirate101.com/forum/valencia/heads-up-to-people-flying-through-dragonspyre-8ad6a4163a4f12fe013a5603e42e6168

Okay, Jack, that was very funny!

(and of course, naturally I had to try those bone drakes out when I first saw them! Not a great idea at the time -- more like "oops"-- but later it was more successful. And I love the beautiful way they perish!)

They're level 45, and they are Buccaneers. All I also have to say is that they also drop...

Milk, from defeating my poor Kobe Yojimbo
and amphibious skin, for Yule Trogg and Froggo Villa

Sky Sailor on Oct 9, 2013 wrote:

I was coming back to Valencia to farm, and I noticed that all the bone drakes had yellow names to me. I'm currently a level 26 privateer, with all my companions fairly close to my level. Do they drop anything?

Valencia is NOT the proper place to farm for gold-

Go to Gullet in Jonah Town and go into the "Gullet Market House" and defeat all enemies (only level 7-8) and you will usually get 200-300 gold in return.

Probably one of the best ways i've seen except for friar sand in mooshu, oh and i dont suggest going THERE!

I'm a level 49 so its fine for me but heads up when you go into gullet market house, fin is there with roughly 330 health, but no biggy it sould be fine for you, you're a privateer.

Hope this helps;
Eager Sloan Neasmith- Level 49 Musketeer