"Proceeds of the sale of captures made as prize by authority of the United States. Vessels and their cargoes captured as prize must be sent into port for an adjudication in a prize-court in the manner prescribed by law. If condemned, the property is sold by the U. S. Marshal, and the proceeds, when the capture was by a vessel or vessels of the navy, disposed of according to the decree of the court. If the prize was of equal or superior force to the vessel or vessels making the capture, the whole of the net proceeds will be decreed to the captors; and when of inferior force, one-half will be decreed to the United States and the other half to the captors. The prize-money adjudged to captors it distributed in the following proportions:
First. To the commander of a fleet or squadron, one-twentieth part of all prize-money awarded to any vessel or vessels under his immediate command.
Second. To the commander of a division of a fleet or squadron, on duty under the orders of the commander-in-chief of such fleet or squadron, a sum equal to one-fiftieth of my prize-money awarded to a vessel of the division under his command, to be paid from the moiety due the United States, if there be such moiety; if not, from the amount awarded to the captors. This fiftieth part is not awarded in addition to the share he would be entitled to as commander of a single ship making a capture, and he may elect which he will receive.
Third.' To the fleet-captain, one-hundredth part of all prize-money awarded to any vessel of the fleet in which he is serving, except where the capture is made by the vessel on board of which he is serving, in which case ho will share, in proportion to his pay, "with the other officers and men on board such vessel.
Fourth. To the commander of a single vessel, 'one-tenth of all the prize-money awarded to the vessel, if such vessel at the time of the capture was under the command of the commanding officer of a fleet or a division, and three-twentieths if his vessel was acting independently of such superior officer.
Fifth. After the foregoing deductions, the residue is distributed among all others doing duty on board, and borne upon the books of the ship, including the fleet-captain, in proportion to their respective rates of pay.
All vessels of the navy within signal-distance of the vessel making the capture, and in such condition as to be able to render effective aid if required, will share in the prize. Any person temporarily absent from his vessel may share in captures made during his absence. The prizecourt determines what vessels shall share in a prize, and also whether the prize was of superior, equal, or inferior force to the vessel or vessels of the captors. The Secretary of the Navy determines what persons are entitled to share in the prize-money awarded a vessel, and transmits their names to the Fourth Auditor, who ascertains, according to the above rules of distribution, the correct amount of each person's share. On application the Auditor will issue a certificate payable to the person entitled, provided Congress ims authorized the payment by an appropriation. See Bounty Job Destruction Ok Enemy's Vessels.
The share of prize-money awarded to the United States is set apart forever as a fund for the payment of pensions to naval officers, seamen, and marines entitled to pensions; and, if more than sufficient for that purpose, the surplus is applied to the making provision for the comfort of disabled officers, seamen, and marines. The Secretary of the Navy is trustee of the naval pension fund, and the fund is invested in securities of the United States bearing 8 per cent, interest. See Navy Pension Fund.
Source:
A Naval Encyclopaedia: Comprising a Dictionary of Nautical Words and Phrases, Biographical Notices, and Records of Naval Officers, Special Articles on Naval Art and Science 1880
So even if a capture was adjudicated as a prize and sold, the amount trickling down to the crew could be quite small. However the squadron commanders could do quite nicely. Porter, for example, made out quite well on prize money - $90,000+ during the war.