27. The U.S. Bought Alaska for Pennies
The purchase of Alaska from Russia in 1867 is often described as buying vast land for “pennies,” fueling the nickname “Seward’s Folly.” However, the $7.2 million price tag—about two cents an acre—was a fair market value for the time. Critics initially doubted the purchase, but the deal soon proved its worth thanks to Alaska’s natural resources and strategic location. The myth of a laughably cheap acquisition overlooks both the context of the era and the long-term benefits of the purchase.
