There is some controversy surrounding this because of various factors, the main one being that dollars didn't exist at the time of this transaction so obviously there was no cash changing hands. However, this is the kind of guessed value of the goods that were given to The Canarsies Indians and even this is not entirely known for sure.
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This story was taught to me as a child and while i think it was harmless at the time, the omission of certain details of the sale are a bit disrespectful at best. It is shown as though the Indians were just a group of idiots that would gladly give away a massive plot of what is now some of the most valuable real-estate in the world, for some useless glass beads.... but there is a lot more to the story than that, and even what is "known" is more like speculation.
- The $24 is derived from the value of supposed goods based on 1855 exchange rates. The actual exchange took place in 1626 and well, a lot can happen to the value of stuff in 200 years... ya dig?
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Translated this basically means that "it was purchased for good valued at 60 guilders "
Often it is omitted that the glass beads were not the only form of payment in this exchange. Most of the transaction was Dutch technology such as kettles, axes, and other such things made of metal which would have been extremely useful for the Native population at the time. Some might argue they would have been really amazed at the existence of these items at all.
While nothing is certain from that long ago, it is believed that the Dutch purchased the land from the Canarsies, which at that particular point in time were having a losing dispute with a rival tribe called the Weekquaesgeeks, who was a larger and more powerful tribe. It is rumored that the Canarsies were not just accepting metal bits and some beads, but they expected Dutch protection in return.
The most important part that is often omitted when telling this story is a very important one. Generally speaking, Native Americans had no concept of "land ownership" at the time, nor any recognition of the documents that come along with such a purchase. Owning land in their minds was like owning air, or water flowing in a stream (these are not official examples - these are my words) and therefore they probably assumed that it was just as stupid that the Dutch would be willing to give them anything for this fallacious claim.
I am writing about this because of a random conversation I was having at a bar the other night right before things got ugly with one of the other patrons.
A buddy of mine was actually talking about how some Native Americans recently came forward with documents, verified by government seals, that shows they in-fact own a vast majority of the land in Manhattan and the current owners fought this in court and won. I was unable to find any record of this ever happening online. I would imagine something like that would be big news and now don't really believe dude had any idea what was talking about. Oh well, at least I stumbled upon this factoid in the process.