The Alaska Purchase (Russian: продажа Аляски Prodazha Alyaski, lit. 'Sale of Alaska') saw the Russian Empire transfer Alaska to the United States for a sum of $7.2 million in 1867 (equivalent to $125 million in 2022). On May 15 of that year, the United States Senate ratified a bilateral treaty that had been signed on March 30, and American sovereignty became legally effective across the territory on October 18.
During the first half of the 18th century, Russia had established a colonial presence in parts of North America, but few Russians ever settled in Alaska. Alexander II of Russia, having faced a catastrophic defeat in the Crimean War, began exploring the possibility of selling the state's Alaskan possessions, which, in any future war, would be difficult to defend from the United Kingdom. To this end, William H. Seward, the erstwhile U.S. Secretary of State, entered into negotiations with Russian diplomat Eduard de Stoeckl towards the United States' acquisition of Alaska after the American Civil War. Seward and Stoeckl agreed to a treaty for the sale on March 30, 1867.
At a cost of $0.35 per acre, the United States had grown by 586,412 sq mi (1,518,800 km2). Reactions to the Alaska Purchase among Americans were mostly positive, as many believed that Alaska would serve as a base to expand American trade in Asia. Some opponents labeled the purchase as "Seward's Folly" or "Seward's Icebox" as they contended that the United States had acquired useless land. Nearly all Russian settlers left Alaska in the aftermath of the purchase; Alaska would remain sparsely populated until the Klondike Gold Rush began in 1896. Originally organized as the Department of Alaska, the area was renamed the District of Alaska in 1884 and the Territory of Alaska in 1912, ultimately becoming the modern-day State of Alaska in 1959.
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