In what is often called the greatest real estate deal ever, Peter Minuit bought Manhattan from native Americans on May 24, 1626, for goods valued at 60 guilders. Popular history identifies these goods as baubles, bangles and bright shiny beads (celebrated in song by Alexander Borodin in his String Quartet in D, routinely hummed on special Dutch occasions, since the words were not written until 1953 for the musical Kismet which in Dutch means “we could have bought the Brooklyn Bridge for a wedge of cheese had it been built.”)

The actual figure of 60 guilders was determined in the seventeenth century using a Dutch version of Generally Recognized Accounting Practices (GRAP) – known back then as Chicanery (C). In 1846, a New York historian converted this figure to dollars and came up with an amount of $24. Since then, people have regularly tried to update the $24 amount to today’s dollars. But as Edwin G. Burrows and Mike Wallace pointed out in their history of New York,”[A] variable-rate myth being a contradiction in terms, the purchase price remains forever frozen at twenty-four dollars.” Nevertheless people continue to point out what those baubles were worth in today’s dollars, euros or guilders. All the results are rather boring.

The transaction is often viewed as one-sided and beneficial to the Dutch, although some evidence suggests that Minuit actually purchased the island from a traveling beaver hide salesman who happened to be passing through and who had never heard of, let alone owned, Manhattan. At about the same time, Minuit was involved in another land purchase, that of Staten Island, for much more mundane goods such as kettles and cloth and garden tools (hence the phrase “we’ll buy Manhattan, the Bronx and Staten Island too.”)

Strangely enough, the aforementioned Brooklyn Bridge (remember that?) was opened to traffic on this very day in 1883.  And a Dutch tourist bought it for 100 guilders from a New York cabbie who claimed to be a full-blooded Manhattan Indian.

 

 

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