• Skip to primary navigation
  • Skip to main content
  • Skip to footer
Zippy Facts Logo

Zippy Facts

Interesting Random Facts

  • Animals
  • Culture
  • Firsts
  • Food
  • Geography
  • Health
  • History
  • Inventions
  • Language
  • Mythology
  • Odds
  • People
  • Religion
  • Science
  • Space
  • Universe
  • World
You are here: Home / History / Who got ripped off when the Dutch bought Manhattan from the Indians for $24 worth of trinkets?

Who got ripped off when the Dutch bought Manhattan from the Indians for $24 worth of trinkets?

June 30, 2020 by Karen Hill

More than a century ago, the price of Manhattan was estimated to be about $24, but based on the recent price of silver, it would be more like $100 in today’s money.

Still, it’s not surprising that we expect that somebody must have gotten ripped off—probably the Indians, considering the price. That expectation is no doubt heightened by the fact that New York City has the long-held reputation for being a place full of grifters and con artists.

Let’s look at it from the points of view of the participants. First of all, did the Dutch deliberately underpay when they paid sixty guilders worth of cloth, beads, hatchets, and other goods for the land?

Seeing what Manhattan’s become now, it’s easy to say they snookered the Indians, but at the time, Manhattan was swampy and not that promising. Furthermore, it was a place where land was plentiful, at a time when most settlers didn’t even bother to pay anything for the land they settled, so maybe it was a fair deal for the Indians.

In fact, maybe it was more than fair. Upon further inspection of the situation, the Dutch were probably sold the equivalent of the Brooklyn Bridge.

Some historians believe that the tribe Peter Minuit paid—the Canarsies—actually lived on Long Island and just happened to be passing through Manhattan on a trading expedition. In which case, they sold land that they didn’t even own.

As a result, the white guys later had to buy part of the island all over again from the tribes who actually lived there. Still, they were better off than some—the Raritan tribe sold Staten Island to various groups of settlers no less than six times.

So did the Dutch make a good investment? Taking the price they paid in 1626 and comparing it with the total value of land now, economists estimate that the original investment has earned about 5.30/0 annual appreciation.

Not bad, but no great shakes. Maybe they should have put their money into Atlantic City.

Related Facts

  • What Was the Manhattan Project and When Did the Manhattan Project Led By Enrico Fermi Take Place?
  • Where does the phrase "not worth a rap" come from and What does not worth a rap mean?
  • Why Did the Indians Sell Manhattan Island For Only $24?
  • Does the Island of Manhattan Weigh More Today Than It Did When the Indians Lived There?
  • Why did Indians sell Manhattan for just a few beads?
  • Are Pennsylvania Dutch People Really Dutch?
  • Who Are the Pennsylvania Dutch People and Where Did the Pennsylvania Dutch People Come From?
  • Where does the expression "Dutch treat" come from and What does Dutch treat mean?
  • Who are the Pueblo Indians and Where did the Pueblo Indians come from?
  • What did the Pueblo Indians farm and When did the Pueblo Indians learn to grow corn?
  • When did the Pueblo Indians first encounter non-Indians and When did the Spanish colonists settle in their lands?
  • What were California Indians' baskets used for and What was so special about the California Indians' baskets?

Filed Under: History

About Karen Hill

Karen Hill is a freelance writer, editor, and columnist. Born in New York, her work has appeared in the Examiner, Yahoo News, Buzzfeed, among others.

Previous Post: « Which came first, books or libraries and when?
Next Post: When was toilet paper first used and what did people use before the invention? »

Footer

Follow

  • Facebook
  • Flickr
  • GitHub
  • Google+
  • Instagram
  • LinkedIn
  • Medium
  • Pinterest
  • StumbleUpon
  • Tumblr
  • Twitter
  • YouTube

Categories

Accomplishments Animals Culture Firsts Food Geography Health History Inventions Language Mythology Odds People Religion Science Space Universe World Your Body

About

Zippy Facts empowers the world by serving educational content that is accessible to everyone.

A tribute to growing up, zippyfacts.com showcases interesting and unusual facts about the world.

Our mission is to use technology to facilitate knowledge transfer and sharing.

Copyright © 2021 Zippy Facts

  • About Us
  • Contact
  • Privacy Policy