In 1854, the United States took the mineral-rich lands of northeastern Minnesota Territory from the Ojibwe Nation after the signing of the Treaty of La Pointe. Four years later, it granted to the new state of Minnesota sections 16 and 36 of every one of its townships, either to be held in trust or leased to support state schools. Close to three million acres were dedicated to a public school trust fund, and the iron ore and forest lands of the Ojibwe generated over 85 percent of its value. In 2017, it is worth over a billion dollars.