Peter Minuit buys Manhattan.
Peter Minuit is famously known for his purchase of Manhattan Island on behalf of the Dutch in 1626.
Who was Peter Minuit?
Peter Minuit was a Walloon from the city of Wesel in present-day Germany. He was a director of the Dutch West India Company, which was responsible for the establishment of New Netherland, the Dutch colony in North America.
The Purchase:
On May 24, 1626, Peter Minuit is said to have purchased Manhattan Island from the local Native American tribe, likely the Lenape, for goods worth 60 guilders. This amount has often been described in modern terms as being equivalent to about $24 worth of beads, tools, and other trade goods, though the precise value and items remain subjects of historical debate.
The Myth vs. Reality:
The story of the purchase has entered popular culture as a somewhat legendary tale. Some historians argue that the transaction’s nature was misunderstood by both parties. The Dutch believed they had purchased the land outright, while the Native Americans likely saw the deal as an agreement to share the land or grant certain usage rights.
Impact of the Purchase:
Following the acquisition, the Dutch established New Amsterdam on the southern tip of Manhattan, which would later become New York City when the British took control in 1664.
Historical Sources:
Much of what is known about the transaction comes from later reports and records of the Dutch West India Company, as there is no surviving documentation of the deal from the time it occurred.