In 1867, the United States purchased Alaska from Russia for $7.2 million.
That’s about two cents per acre.
At the time, many Americans mocked the deal, calling it “Seward’s Folly” after Secretary of State William H. Seward.
Critics believed Alaska was a frozen wasteland with little value.
But decades later, gold was discovered.
Then oil.
Today, Alaska is rich in natural resources and strategic military importance.
The purchase turned out to be one of the most economically advantageous land deals in history.
What was once ridiculed became visionary.
History often judges decisions differently than the present does.
Short-term perception rarely sees long-term value.