Description:The Dutch purchased the island of Manhattan to become a Dutch colony from the Lenape Indian Tribe for 60 guilders worth of goods, which is comparable to an estimated 24 dollars. They proclaimed the land New Amsterdam after their home capital.
In 1664, the city officially changed its name from New Amsterdam to New York. Named after the Duke of York, the name was changed when the colony was taken over by the British from the Dutch.(1:05)