page_title: Manhattan
section_title: Colonial era
hierarchical_section_title: Manhattan / History / Colonial era
caption_attribution_description: English: Peter Minuit, man who bought Manhattan for 24 dollars Deutsch: de:Peter Minuit Gouverneur von Neu-Amsterdam - Kein reales Bild - Historisierende Darstellung
context_page_description: Manhattan, often referred to by residents of the New York City area as the City, is the most densely populated of the five boroughs of New York City, and coextensive with the County of New York, one of the original counties of the U.S. state of New York. Manhattan serves as the city's economic and administrative center, cultural identifier, and historical birthplace. The borough consists mostly of Manhattan Island, bounded by the Hudson, East, and Harlem rivers; as well as several small adjacent islands. Manhattan additionally contains Marble Hill, a small neighborhood now on the U.S. mainland, separated from the rest of Manhattan by the Harlem Ship Canal and later connected using landfill to the Bronx. Manhattan Island is divided into three informally bounded components, each aligned with the borough's long axis: Lower, Midtown, and Upper Manhattan.
  Manhattan has been described as the cultural, financial, media, and entertainment capital of the world, and the borough hosts the United Nations Headquarters.
context_section_description: The area that is now Manhattan was long inhabited by the Lenape Native Americans. In 1524, Florentine explorer Giovanni da Verrazzano – sailing in service of King Francis I of France – became the first documented European to visit the area that would become New York City. He entered the tidal strait now known as The Narrows and named the land around Upper New York Harbor New Angoulême, in reference to the family name of King Francis I that was derived from Angoulême in France; he sailed far enough into the harbor to sight the Hudson River, which he referred to in his report to the French king as a "very big river"; and he named the Bay of Santa Margarita – what is now Upper New York Bay – after Marguerite de Navarre, the elder sister of the king.
  It was not until the voyage of Henry Hudson, an Englishman who worked for the Dutch East India Company, that the area was mapped. Hudson came across Manhattan Island and the native people living there in 1609, and continued up the river that would later bear his name, the Hudson River, until he arrived at the site of present-day Albany.
  A permanent European presence in New Netherland began in 1624, with the founding of a Dutch fur trading settlement on Governors Island. In 1625, construction was started on the citadel of Fort Amsterdam on Manhattan Island, later called New Amsterdam (Nieuw Amsterdam), in what is now Lower Manhattan. The 1625 establishment of Fort Amsterdam at the southern tip of Manhattan Island is recognized as the birth of New York City.
  According to a letter by Pieter Janszoon Schagen, Peter Minuit and Dutch colonists acquired Manhattan on May 24, 1626, from unnamed Native American people, who are believed to have been Canarsee Indians of the Lenape, in exchange for traded goods worth 60 guilders, often said to be worth US$24. The figure of 60 guilders comes from a letter by a representative of the Dutch Estates General and member of the board of the Dutch West India Company, Pieter Janszoon Schagen, to the Estates General in November 1626. In 1846, New York historian John Romeyn Brodhead converted the figure of Fl 60 (or 60 guilders) to US$24 (because 24 = 60/2.5, 1 dollar = confused with rijksdaalder = 2.5 guilders).  "[A] variable-rate myth being a contradiction in terms, the purchase price remains forever frozen at twenty-four dollars," as Edwin G. Burrows and Mike Wallace remarked in their history of New York. Sixty guilders in 1626 was valued at approximately $1,000 in 2006, according to the Institute for Social History of Amsterdam. Based on the price of silver, Straight Dope author Cecil Adams calculated an equivalent of $72 in 1992. Historians James and Michelle Nevius revisited the issue in 2014, suggesting that using the prices of beer and brandy as monetary equivalencies, the price Minuit paid would have the purchasing power of somewhere between $2,600 and $15,600 in current dollars. According to the writer Nathaniel Benchley, Minuit conducted the transaction with Seyseys, chief of the Canarsee Native Americans, who were willing to accept valuable merchandise in exchange for the island that was mostly controlled by the Weckquaesgeeks, a band of the Wappinger.
  In 1647, Peter Stuyvesant was appointed as the last Dutch Director-General of the colony. New Amsterdam was formally incorporated as a city on February 2, 1653. In 1664, the English conquered New Netherland and renamed it "New York" after the English Duke of York and Albany, the future King James II. The Dutch, under Director General Stuyvesant, successfully negotiated with the English to produce 24 articles of provisional transfer, which sought to retain for the extant citizens of New Netherland their previously attained liberties (including freedom of religion) under new colonial English rulers.
  The Dutch Republic regained the city in August 1673, renaming it "New Orange". New Netherland was ultimately ceded to the English in November 1674 through the Treaty of Westminster.
caption: Peter Minuit, early 1600s
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