"Seward's Folly" refers to the purchase of Alaska from Russia in 1867, negotiated by U.S. Secretary of State William H. Seward. The United States acquired the territory for $7.2 million, which was about two cents per acre. At the time, many critics viewed the purchase as a waste of money, dubbing it a folly. Over time, the discovery of natural resources, including gold and oil, transformed public opinion. The acquisition proved to be strategically and economically beneficial, leading to Alaska's eventual statehood in 1959. Today, it is recognized as a significant expansion of U.S. territory.