The solid white flag is the international symbol for truce, so a pirate would most likely use that if he wanted to strike a deal. I'd keep my eye on him, though, it may be a trick.
A red flag.
Here is a guide to making flags and sail emblems for Sid Meier's Pirates! http://www.hookedonpirates.com/forwarder.html?http://www.hookedonpirates.com/guide/flagsandsails/index.html
jolly roger
The jolly Rodger.
Surrender was expeted.
The jolly roger.
Merchant flag: Storm the town merchants (Swashbuckler)
No, a jolly roger is a pirates flag.
yes. i have copy of it. trust me... i know pirates
The Jolly Roger
The Jolly Roger
I is called the "Jolly Roger"