On This Day: 18th October

On October 18, 1867, the United States officially took possession of Alaska from Russia, following a purchase that would later be known as "Seward's Folly."

Key points:

• The purchase price was $7.2 million (about $133 million in 2021 dollars).
• The acquired area was 586,412 square miles (1,518,800 km²).
• It was negotiated by U.S. Secretary of State William H. Seward.
• The purchase was initially ridiculed as "Seward's Folly" or "Seward's Icebox."
• Alaska proved to be rich in natural resources, including gold, oil, and natural gas.

Implications:

• Expanded U.S. presence in the Pacific and reduced Russian influence in North America.
• Affected U.S.-Canada relations and border negotiations.
• Proved to be a wise investment due to Alaska's vast natural resources.
• Gained strategic importance during the Cold War.
• Demonstrated the long-term benefits of visionary geopolitical decisions.