A seminal moment in American history was the so called purchase of an island by the Dutch in 1626 from a tribe called the Manhattans reported for $24.00US . However, Britannica is more specific claiming the value of the goods traded was about 60 guilders, worth about one and a half pounds of silver. With the present day price for silver @ $4.80 per ounce, the price could more accurately be described as $86.40US today. My best information,(I wish I had better) leads me to believe Manhattan Island is approximately 26 square miles or 16,640 acres. That comes to** 52 cents per acre.**
I seem to recall land prices for large tracts in the west in the 19th century for such a low price, albeit at times when the dollar was worth more.
I’m trying to gain a better understanding as to was it really a major real estate ripoff?
** Is the Manhattan Tansfer the best real estate deal for the purchaser in the history of the US on the basis of price per acre, ignoring land use criteria for value?**
**Manhattan, if this turns into a debate could you please move it over? **