Hats in Canada are way more expensive than graal... not to mention beers and magic love potions.
Also, a tip for you hardcore farmers (if you are truly hardcore, you probably already know...)
The bandit cave has two major benefits over pyrat bay, after you have collected your 1000 gralats for eyepatches. Namely you can happen upon the bandit leader from time to time (who always drops a chest) and normal bandits drop loot occasionally. Also, they drop nearly twice as many bombs as pyrats (maybe because they are not dropping eyepatches).
So loot + more bombs = bandits win if you are spending hours "farming."