False!
Queen Elizabeth did not personally knight Francis Drake, although she was present on the Golden Hind when he was knighted. She ordered the French Ambassador to do it in her stead. This was a shrewd political move. The Queen was aware that the Spanish were protesting about Drake "the pirate" who plundered their ships, and by getting the French Ambassador to knight Drake, it made it seem that the French were supporting his pirateering!
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