The United States purchased Alaska from Russia in the year 1867. The transaction is often referred to as Seward's Folly, named after Secretary of State William H. Seward, who advocated for the acquisition. The U.S. paid $7.2 million for the territory, which was seen by some as a frivolous expense for land viewed as barren and uninhabitable. However, Alaska later proved to be rich in natural resources, including gold, oil, and fish, making the purchase a pivotal moment in U.S. expansion and economic development. This acquisition expanded U.S. territory significantly and played a key role in American history.