The United States paid France $15 million for the Louisiana Purchase, a major expansion in America250 history.
The agreement was made in 1803, during Thomas Jefferson’s presidency. The purchase transferred a vast territory west of the Mississippi River from France to the United States. The land included the Mississippi River basin and eventually became all or part of numerous modern states.
The price was expressed as 80 million French francs, with the United States also accepting responsibility for certain claims by American citizens against France. The transaction was financed through government bonds and other financial arrangements rather than a simple cash payment at the signing.
The purchase nearly doubled the area of the United States. It also created constitutional questions because the Constitution did not explicitly describe a process for acquiring foreign territory. Jefferson nevertheless supported the agreement because control of New Orleans and the Mississippi River was vital to American trade.