In December 1625, Minuet, a Walloon, was appointed the third director of New Netherland, for the Dutch West India Company. The Dutch had originally settled at Governor's Island in May 1624. Originally a different location, on the Delaware River (then the South River) was to be the capital of what was now a Province of the Netherlands. It was discovered that the original location was subject to mosquito infestation in the summer and freezing of its waterways in the winters. Minuit determined that Manhattan was the better location and made the bargain of all time, he purchased the island of Manhattan from the native population for goods valued at 60 Guilders. This has been variously calculated to $24 in the 1800s, $72 in 1992, and roughly $1,000 in 2006 money.
The actual trade took place on May 24, 1626, a different day, in Old New York.