400 years ago, Minuit purchased Manhattan island for 60 guilders

Four centuries ago, Peter Minuit purchased Manhattan island for 60 guilders, leading to the establishment of New Amsterdam on the eastern coast of what is now North America. The Dutch settlement later became New York after the British took control of the territory. The historic transaction, which took place in 1624, marked the beginning of European colonization of Manhattan island and laid the foundation for what would eventually become one of the world's major metropolitan centers.