How Much Was the Louisiana Purchase?

The Louisiana Purchase transferred control of the Louisiana Territory—a vast land area extending from the Mississippi River to the Rocky Mountains and from the Gulf of Mexico to the British North American colonies (Canada)—from France to the United States in 1803. In return for the territory, the United States agreed to pay France $15 million (80 million francs), in part by assuming $3,750,000 (20 million francs) in debt owed by France to U.S. citizens. The payments were facilitated through the sale of bonds to two large financial institutions in London and Amsterdam, which the United States repaid at a 6 percent interest rate. By the time of the final repayment in 1823, the United States had spent a total of $27,267,622. The Louisiana Purchase effectively doubled the size of the United States, adding 828,000 square miles (2,144,520 square km) of land at a cost of less than three cents per acre.