Game Theory Puzzler

Five pirates have 100 gold coins. They have to divide up the loot in order of seniority (suppose pirate 5 is most senior, pirate 1 is least senior).

The most senior pirate proposes a distribution of the loot. They vote and if at least 50% accept the proposal, the loot is divided as proposed. Otherwise, the most senior pirate is executed, and they start over again with the next senior pirate.

What solution does the most senior pirate propose? Assume the pirates are very intelligent and extremely greedy (and that they would prefer not to die).

(Hint: Start by asking, "What would one pirate do?" and work your way up from there. Link to answer coming tomorrow here.)