What was the popular nickname given to the purchase of Alaska by Secretary of State William Seward in 1867?

The purchase of Alaska by Secretary of State William Seward in 1867 was popularly nicknamed "Seward's Folly." This label emerged largely from skepticism and criticism regarding the decision to acquire such a vast and seemingly barren territory, particularly as it was viewed to have little value at the time. Many Americans mocked Seward, believing he had made a poor investment in acquiring land that was perceived as frozen wasteland. This view persisted until the discovery of natural resources like gold and oil in Alaska, which later demonstrated the purchase's value and strategic importance.

The other nicknames do not reflect the contentious public opinion surrounding the purchase at the time. "Alaska's Fortune," for instance, implies a sense of wealth that was not recognized initially, while "Arctic Acquisition" and "Cold Gold" lack the historical context of skepticism that led to the specific framing of "Seward's Folly." Therefore, the term captures the initial public sentiment accurately, making it the most fitting choice.