What controversial land purchase did the US make in 1867 for $7.2 Million?

In 1867, the United States made a significant and initially controversial land acquisition, purchasing a vast northern territory for $7.2 million. This immense tract of land, which became Alaska, was bought from the Russian Empire through negotiations led by U.S. Secretary of State William H. Seward. The transaction, formalized on March 30, 1867, added nearly 600,000 square miles to the United States at a cost of approximately two cents per acre.

At the time, many Americans viewed the purchase with skepticism, deriding it as "Seward's Folly" or "Seward's Icebox." Critics believed the country had spent a considerable sum on a barren, frozen wasteland of little value, especially as the nation was still recovering from the Civil War. However, Russia had its own reasons for selling. Facing financial difficulties after the Crimean War and concerned about the logistical challenges and defensibility of such a distant colony, Tsar Alexander II feared losing Alaska to rival Great Britain in a future conflict. Selling it to the United States was seen as a way to recoup much-needed funds and prevent British expansion.

Despite the initial public outcry, Seward and other proponents foresaw the strategic benefits and potential natural resources of the territory. Over time, their foresight proved correct. The discovery of gold in the Yukon in 1896, with Alaska serving as a gateway, dramatically changed public perception. Later, vast reserves of oil, gas, and other minerals were found, transforming Alaska into an economic powerhouse. Its strategic location also became invaluable, particularly during World War II and the Cold War, solidifying its importance to national security. What was once mocked as "Seward's Folly" is now recognized as one of the most astute land deals in American history.