How much did it cost U.S. to acquire its territories?

Shorouk Express

Donald Trump is doubling down on his desire to purchase Greenland, an autonomous territory of Denmark, despite the country not being for sale.

Since December, the president-elect has floated the idea of acquiring Greenland “for purposes of national security” – a similar idea that he pitched during his first administration. He even sent his eldest son Donald Trump Jr. to the island on Tuesday in a bizarre publicity stunt.

While the United States is no stranger to making land purchases, it has not done so since the 1940s when it purchased a small island that is now part of the U.S. Virgin Islands.

It’s an expensive endeavor that requires justification and approval by the Senate.

From the Louisiana Purchase to the Alaska Purchase and even leasing Guantánamo Bay, here are territories the U.S. has purchased.

Louisiana Purchase

The U.S. purchased 828,000 miles of land west of the Mississippi River from France in 1803 – known as The Louisiana Purchase.

The U.S. paid France $15 million – what would be around $375 million today. However, that was not the cost to own the land, rather it was the right to purchase or take lands from Native American governments.

It is estimated that between 1804 and 1970 the U.S. paid no less than $2.6 billion – what would be around $65 billion today.

A map showing the land acquired in the Louisiana Purchase (Getty Images/iStockphoto)

Florida

Spain ceded East Florida to the United States and renounced all claim to West Florida in 1819 for no compensation.

However, the U.S. agreed to assume liability for $5 million in damages done by American citizens who rebelled against Spain. Today, that would cost approximately $124 million today.

Mexican Cescession

In 1848, the U.S. and Mexico signed the Treaty of Guadalupe Hidalgo, which ended the Mexican War and drew a boundary between the two countries.

As a result, the U.S. paid $15 million for more than 525,000 square miles – today that would be slightly less than $600 million.

Gadsden Purchase

The U.S. purchased roughly 30,000 square miles of land in present-day southern Arizona and southwest New Mexico from Mexico in 1853 for $10 million – what would be $409 million today.

Alaska

Russia and the U.S. negotiated $7.2 million for the U.S. to acquire Alaska as a territory in 1867 under the Alaska Purchase.

Today, that would be $153 million.

Phillippines

In 1898, at the end of the Spanish–American War, Spain agreed to sell the Philippines to the U.S. for $20 million – what would be $760 million today.

The United States recognized the country’s independence after World War II in 1946.

Panama Canal

The U.S. initially acquired the rights to build and operate the Panama Canal in 1903 through the Hay–Bunau–Varilla Treaty which gave the U.S. a 10-mile wide strip of land for a one-time payment of $10 million and then an annual fee of $250,000.

Today, that one-time payment would be $358 million and the annual fee would cost around $8.9 million.

The U.S. returned control of the Panama Canal to Panama in 1999 under the Torrijos–Carter Treaties.

Guantánamo

Per the 1903 Lease, the U.S. assumed territorial control over 45 miles in the southern portion of Guantánamo Bay for $2,000 in gold per year to build a naval base and the notorious detention center.

The yearly lease payment was changed in 1934 to match the price of the dollar. It was then set to $4,085 in 1974. The U.S. still pays that to this day.

U.S. Virgin Islands

The U.S. took possession of three main islands, Saint Thomas, Saint John and Saint Croix, from Denmark in 1917 – what is now known as the U.S. Virgin Islands.