Seward's Folly was a derisive term used to describe the United States' purchase of Alaska from the Russian Empire in 1867. The purchase was championed by Secretary of State William H. Seward, who negotiated the deal for $7.2 million ($128 million in current value). Many Americans at the time, including members of Congress and even some members of Seward's own cabinet, criticized the purchase as a waste of money, a "frozen wasteland," and a useless territory that would never be of any value to the United States. They argued that the land was too remote, too cold, and too barren to be of any practical use. The nickname "Seward's Folly" was coined as a way to disparage Seward and the purchase he had arranged. However, over time, as the true value of Alaska's natural resources and strategic location became apparent, the nickname "Seward's Folly" gradually ceased to be used and the purchase came to be seen as a shrewd acquisition for the United States.