He was watching her hand on her cutlass, she was sure that meeting a woman with a pirate sword wasn't something one often did. In fact the ratio of male pirates to female was something like 50:1. But she was Pirate King and she'd fought in so many battles. She was not weak. Under her coat was her pistol, should he come closer with an aim to harm her.
"Jack takes a lot of things, because he's a Pirate. He steals without thinking and is something akin to foolish for such a wandering hand. If he returns I will tell him you aim to get your coin back." Elizabeth was not without compassion for stolen things.
She didn't exactly condone stealing. But why take one coin, if the man had a horde?
"I warn you though, as Pirate King I mustn't let harm come to Jack Sparrow, if any does you'll be dealing with me"