Was the Alaska Purchase a Good Deal? The Verdict on "Seward's Folly"

In 1867, the United States purchased Alaska from Russia for $7.2 million (about $120 million today)—a vast territory of 586,000 square miles. Dubbed "Seward's Folly" by skeptics, the deal was fiercely debated at the time. History, however, has rendered a clear verdict: it was an extraordinarily successful acquisition.

Key Benefits

• Natural Resources: Alaska is rich in oil (Prudhoe Bay, discovered 1968), natural gas, minerals, timber, and the largest salmon fishery in the U.S., significantly reducing American dependence on foreign oil.
• Strategic Importance: Its location on the Bering Strait and the Aleutian Islands provides a critical defensive frontier in the Pacific.
• Tourism: Stunning landscapes—glaciers, mountains, wildlife—make Alaska a premier global tourist destination.

While controversial in 1867, the Alaska Purchase has proven to be a bargain of historic proportions, yielding immense economic, strategic, and environmental value.