The United States purchased Alaska from Russia in 1867, a transaction orchestrated by Secretary of State William H. Seward. The agreement, known as Seward's Folly or Seward's Icebox, involved the acquisition of about 586,412 square miles of territory for $7.2 million, which translates to approximately two cents per acre. Initially criticized as a wasteful expenditure, the purchase was later recognized for its vast natural resources, including gold, oil, and timber. Alaska's strategic location and resource wealth played a significant role in America's expansion and influence in the Pacific region, changing the course of U.S. history.