Bounties are a chunk of money players can place on another player's head for people to claim by killing that player.
Currently bounties dont have any interaction with the PvP Shield however expect this to change after bounties are given some time to be played with.
Bounties can be placed quite simply by running /bounty place USERNAME AMOUNT with USERNAME being the name of the user you're placing a bounty on, and AMOUNT being a coin value (>=1000 Coins). This will then create a bounty from you of AMOUNT coins (it withdraws the amount from your balance), and remove 1 Rep. If you already have a bounty placed this command will increase the value of your bounty and only withdraw the difference between the old and new amounts (must be at least 500 coins higher than your current bounty).
Bounties start to decay (lose 5% of value per day) after 14 days of inactivity. To refresh this timer you can increase the value of the bounty. Once a bounty's value reaches <500 Coins it will be automatically removed (and refunded).
Once a bounty is placed there's no way to get 100% of the money back so make sure it's worth your money!
You can check a player's bounty with /bounty check USERNAME. This will then tell you the total value of all bounties placed on them as well as how much of that you can actually claim.
You can revoke your bounty on someone by using /bounty revoke USERNAME. This will then schedule the bounty to be removed in 2 hours or, if they're in combat after that 2 hour period passes, once they exit combat.
Bounties removed before they start to expire (within 14 days of being placed or increased) will incur a 50% early removal fee! Make sure you really need the money if you're going to revoke a bounty early.
You claim a bounty simply by killing another player. There are some advantages to killing a player with a bounty over a player without a bounty however:
There is a 1% transaction fee however when claiming a bounty (something something bureaucracy).
Actually finding a player to hunt and then locating them can be tricky, that's why there's 2 tools to help.
Sneak + Right Click.