The region was inhabited by the Lenape Native Americans at the time of its European discovery in 1524[18] by Giovanni da Verrazzano, an Italian explorer in the service of the French crown, who named it "Nouvelle Angoulême" (New Angoulême).[19] European settlement began with the founding of a Dutch fur trading settlement, later called "Nieuw Amsterdam" (New Amsterdam), on the southern tip of Manhattan in 1614. Dutch colonial
Director-General Peter Minuit purchased the island of Manhattan from the Lenape in 1626 for a value of 60 guilders (about $1000 in 2006); a disproved legend says that Manhattan was purchased for $24 worth of glass beads.
In 1664, the city was surrendered to the English and renamed "New York" after the English Duke of York and Albany.[24]
