Despite the fact that Greenland, an autonomous territory of Denmark, is not for sale, Donald Trump continues to express interest in purchasing it.
Since December, the president-elect has proposed acquiring Greenland “for purposes of national security,” a similar idea to his first administration. He even sent his eldest son, Donald Trump Jr., to the island on Tuesday as a bizarre publicity stunt.
While the United States has made land purchases before, it has not done so since the 1940s, when it purchased a small island that is now part of the United States Virgin Islands.
It’s an expensive endeavor that must be justified and approved by the Senate.
The United States has purchased various territories, including Louisiana, Alaska, and Guantánamo Bay.
Louisiana Purchase
In 1803 the United States purchased 828,000 miles of land west of the Mississippi River from France, which became known as the Louisiana Purchase.
The US paid France $15 million, equivalent to approximately $375 million today. However, this was not the cost of owning the land; rather, it was the right to buy or take land from Native American governments.
It is estimated that between 1804 and 1970, the United States paid no less than $2.6 billion, which is equivalent to approximately $65 billion today.
Florida
In 1819, Spain ceded East Florida to the United States and gave up all claims to West Florida in exchange for no compensation.
The US agreed to accept responsibility for $5 million in damages caused by American citizens who rebelled against Spain. It would cost around $124 million today.
Mexican Cescession
In 1848, the United States and Mexico signed the Treaty of Guadalupe Hidalgo, which ended the Mexican War and established a border between the two nations.
As a result, the United States paid $15 million for over 525,000 square miles, which is equivalent to slightly less than $600 million today.
Gadsden Purchase
In 1853, the United States paid $10 million to Mexico for approximately 30,000 square miles of land in southern Arizona and southwest New Mexico, which is now worth $409 million.
Alaska
In 1867, Russia and the US negotiated a $7.2 million deal to acquire Alaska as a territory through 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 United States for $20 million, equivalent to $760 million today.
Following World War II, the United States recognized the country’s independence in 1946.
Panama Canal
In 1903, the Hay-Bunau-Varilla Treaty granted the United States the right to build and operate the Panama Canal in exchange for a 10-mile wide strip of land and a one-time payment of $10 million, followed by an annual fee of $250,000.
Today, the one-time payment would be $358 million, with an annual fee of approximately $8.9 million.
The United States returned control of the Panama Canal to Panama in 1999 under the Torrijos-Carter Treaties.
Guantánamo
In the 1903 Lease, the US took over 45 miles of southern Guantánamo Bay for $2,000 in gold per year to build a naval base and detention center.
The annual lease payment was adjusted in 1934 to match the value of the dollar. It was then raised to $4,085 in 1974. The United States continues to pay that to this day.
U.S. Virgin Islands
In 1917, the United States took possession of three major islands, Saint Thomas, Saint John, and Saint Croix, from Denmark, which became known as the United States Virgin Islands.
In exchange, the United States paid Denmark $25 million. Today, that amount would be $616 million.
