| One of the historical icons of American colonial
history is the $24.00 purchase of Manhattan Island. The basis for this figure
came directly from the Schaghen letter when the 60 guilders was
translated using the monetary conversion rate of late 1800s. In no way does it
accurately reflect the value of the goods received by the Indians for an island
which they only used for hunting purposes. They also were unaware that the
transaction was for permanent possession of the land--a concept totally foreign
to them. Land could be used but never owned. |
