1. Libellule 
2. Native Canoes 
3. Morning Star 
4. Eagle 
5. HMS Hyena 
6. HMS Victor 
7. Adventure 
8. El San Jose 
9. Golden Peacock 
10. Recreant / HMS Bolingbroke / HMS Wycliffe / El Leon / Selkie / Windjammer / USS Emerald 
Pick your poison: I would contend that basically ALL of these are underrated. Ladron and Revenge lose out to Recreant though due to less fitting/less useful abilities.

I HATE to leave the cancellers off this list, but they’re so easy to dismast with a ram and even capture quickly (though you should have helmsman+oarsman on both if possible). In huge games they’d get bumped to the 10th spot but they are certainly specialty pieces, more so than stuff like the Kettering and crew cancellers which are more like staples.

Just missed (along with those in the #10 spot XD): Half Moon, Ballista, Sea Crane, Fortune, Caledonia, Tiger’s Breath, Swift

Honorable Mentions not mentioned yet:
L’Amazone , Minerva , Muerta de la Corona , Cursed Native Canoes (for gold running), Sea Phoenix 
-I could mention more haha – so many good ships at this cost! The Sea Tigers/Lions can’t hold a candle to the above haha.

Original thread on Miniature Trading9