“In 1867 Alaska was bought from Russia. At the time it was known as ‘Seward’s folly’ after the Secretary of State, William Seward, who agreed the deal. He paid $7.2 million, or 2 cents an acre. The press accused him of purchasing snow, but minds were changed with the discovery of major gold deposits in 1896. Decades later huge reserves of oil were also found.”

“In 1867 Alaska was bought from Russia. At the time it was known as ‘Seward’s folly’ after the Secretary of State, William Seward, who agreed the deal. He paid $7.2 million, or 2 cents an acre. The press accused him of purchasing snow, but minds were changed with the discovery of major gold deposits in 1896. Decades later huge reserves of oil were also found.”

— Tim Marshall