On this day, October the 18th, in the year of 1867, the then territory of Alaska was officially handed over to the United States from Russia after being bought from Russia for $7.2 million.

The land that is now America’s biggest state was then sparsely populated and difficult for the Russians to maintain governmentality and economically, so to get the most out of it, they sought a buyer.

Eventually, America bought the land.

At the time, the American public thought the land to be worthless, not knowing the natural resources it harbors, calling it such names as “Andrew Johnson’s Polar Bear Garden” (a jab at then U.S. President Andrew Johnson) and “Seward’s Folly” (a jab at then U.S. Secretary of State William Seward, a key player in the purchasing of Alaska) (History).

Today, Alaska is the home to roughly 750,000 Americans (U.S. Census Bureau) and known for its plentiful natural resources and vast wilderness.