Russia had been hoping to fetch a fair higher price for Alaska than the offer from the United States earlier that May. They thought that Britain would want the territory as well, and get into a bidding war. But the U.S. offer was the only one they got.

On this day October 18th, in 1867, the United States formally receives the territory of Alaska, sold for $7.2M. The ceremony took place on a Friday at Fort Sitka. This day is a legal holiday in Alaska, celebrated as Alaska Day. The holiday is celebrated by giving state workers vacation from work, releasing children early from school, and small festivities.

Alaska is a massive state. a country within itself at 586,400 square miles, two times the size of Texas. Like Texas, oil deposits and petroleum  have been discovered in Alaska. Since the Trans-Alaska Pipeline was built in 1977, a bulk of Alaska’s revenue comes from oil sales.