On October 18, 1867, the U.S. took possession of Alaska. America purchased the territory from Russia for $7.2 million. Russia wanted to sell because the land was remote and hard to defend. Negotiations between Secretary of State William H. Seward and the Russian minister began. The American public believed the land worthless, referring to the purchase as “Seward’s Folly.” Public opinion changed when gold was discovered in 1896.Today the state is recognized for its vast natural resources.
