In a shocking revelation, U.S. miners have unearthed a treasure trove in western Alaska, leaving Russia to grapple with the staggering implications of its historic sale of the territory. What was once dismissed as “Seward’s Folly” has transformed into a goldmine of resources, rewriting the narrative of Alaska’s value and the monumental miscalculation made by the Russian Empire in 1867.

When Russia sold Alaska for a mere $7.2 million, it believed it was shedding a burdensome liability. The empire, stretched thin by wars and financial woes, underestimated the vast wealth hidden beneath the icy surface. Fast forward to the summer of 1899, when miners struck gold not buried deep in mountains, but glimmering on the surface of Nome’s beaches. News spread like wildfire, igniting a gold rush that turned a sleepy outpost into a bustling city, with thousands flocking to stake their claims.

As the gold flowed, so did revelations of even greater riches. Miners discovered copper of unparalleled purity, fueling an industrial revolution, while coal deposits became critical for powering steamships and naval vessels. The crowning jewel came in 1968 with the discovery of the Prudhoe Bay oil field, the largest in North America, reshaping Alaska’s economic landscape and solidifying its role in U.S. energy independence.

With each discovery, the enormity of Russia’s error became clearer. The territory once seen as barren has emerged as a cornerstone of American prosperity, generating billions in revenue and funding vital infrastructure. Behind closed doors, Russian officials now recognize the monumental loss, as Alaska’s wealth continues to flow southward, transforming the U.S. economy and military strategy.

As Alaska redefines its place on the global stage, the question remains: was the sale the greatest miscalculation in history? The world watches as the legacy of this once-mocked deal continues to unfold, leaving Russia in stunned silence over the treasure it let slip away.