The United States signs the agreement to buy Alaska from Russia for $7.2 Million on March 30, 1867. The agreement, negotiated by Secretary of State William H. Seward to purchase Alaska for roughly two cents per acre, ended Russia's presence in North America. The formal Transfer took place on October 18, 1867 (now celebrated as Alaska Day).
Many Americans initially deemed the purchase a waste of money, calling it "Seward's Folly". The purchase added 586,412 square miles to the U.S. and was vindicated by the discovery of gold and later oil.
