U.S. Acquires Alaska from Russia for $7.2 Million on October 18, 1867, Negotiated by William Seward

Oct 18, 2024, 11:34 AM

On October 18, 1867, the United States formally took possession of Alaska from Russia after purchasing it for $7.2 million. The deal, negotiated by then-Secretary of State William Seward, was initially mocked by some legislators and the press as 'Seward's Folly.' The acquisition, which equated to less than two cents per acre, added a territory spanning 586,412 square miles, about twice the size of Texas. The purchase was significant for its impact on the geopolitical balance of power and has since proved to be economically and strategically valuable for the U.S. The deal was pursued during the Civil War and was part of a telegraph project across the Bering Strait to Russia. The territory, inhabited by Indigenous peoples for thousands of years, has a rich cultural history.