What was the common nickname for the purchase of Alaska, reflecting public skepticism?

The purchase of Alaska, made in 1867 under Secretary of State William H. Seward, is commonly referred to as "Seward's Folly." This nickname arose from the skepticism that many Americans felt about the acquisition, as they saw the vast, frozen territory as worthless and remote. Critics questioned the decision, mocking it as a foolish expenditure on a barren landscape, not recognizing its future potential for resources and strategic importance.

The term "Seward's Folly" encapsulates this public disbelief; it wasn’t until gold, oil, and other valuable resources were discovered that the vision behind the purchase became clear. This skepticism sharply contrasts with the admiration reflected in the other options, such as "Seward's Dream" or "Alaska's Treasure," which suggest a more favorable view of the acquisition from the outset. "Isle of Opportunity" also conveys a positive perception that did not align with the contemporary public sentiment at the time of the purchase. Thus, the term "Seward's Folly" serves as a reminder of the initial doubts surrounding a significant event in U.S. history.