Alaska was purchased from Russia when a treaty was signed by President Andrew Johnson, on 30 March 1867. Secretary of State William H. Seward was responsible for arranging the purchase and some referred to it as Seward's folly. The amount of 7.2 million dollars was paid for Alaska which would equal 105 million in 2016 dollars.

Johnson was vice president to Abraham Lincoln and became president upon Lincoln's assassination.

The U.S. was still recovering from the Civil War and spending millions on desolate Alaska did seem like a folly to many. The purchase added 586,412 miles of territory to the United States. Both oil and gold was discovered in Alaska making it one of the best investments ever made by the U.S.

More Info: en.wikipedia.org