The Alaska Sale: Why Russia Sold It to the United States and How the Deal Is Viewed 158 Years Later

The Alaska Sale: Why Russia Sold It to the United States and How the Deal Is Viewed 158 Years LaterOn March 30, 1867, the Russian Empire signed a treaty in Washington, D.C., selling Alaska to the United States. In gold terms, the payment amounted to 348,331 troy ounces, worth approximately $1.184 billion at August 2025 gold prices. From Gold Rush to Oil Powerhouse The discovery of gold in the AJ and Treadwell mines in the late 19th century sparked the famous Alaska Gold Rush. Between 1880 and 2021, Alaska produced 51.68 million ounces of gold worth $19.2 billion at historical prices — nearly $175 billion in today’s value. Economist David Barker argued in 2009 that the purchase was unprofitable for the U.S., estimating that from 1867 to 2007, federal spending on Alaska exceeded revenue by $13.4 million (in 1867 dollars).