On May 4th, 1626, the aptly-named Peter Minuit succeeded Willem Verhulst as the director general of New Netherland. Soon thereafter he was removed from his post as a result of extravagant expenditure.

The extravagant expenditure? The purchase of Manhattan from the local Lenape Indians for beads, cloth, and a handful of other trinkets (legendarily valued at $24).

[According to some historians, the transaction is more accurately described as $300 worth of farming tools. A remarkable deal in any case.]