Jenny's husband Erik Stibbe, a Scandinavian sailing coach who was helping them with their Olympic preparation, lost his wedding ring as he tried to pull up a marker buoy.

"Well he's given some gold to the harbour so we'd better get it back," Stowell told her sailing partner.

Stowell and Armstrong did just that, creating history with victory in the women's 470 class, with the medal also Australia's first sailing gold in 28 years.

With Stowell growing up in Zimbabwe, learning to sail amongst hippos, and Armstrong competing for New Zealand at the 1992 Olympics, the unlikely Australian representatives bonded in a round-the-world race.

There was more support for their ambitions in Australia so Armstrong agreed to switch nationalities.

Working with famed Ukrainian coach, Victor Kovalenko, the pair won silver at the world championships in 2000, setting themselves up as medal hopes in Sydney.

Aboard their 470 dinghy called Ugly Duckling, they won the first race but bombed in the second, which Stowell said was actually a blessing.

"We could discard our two worst races so it didn't count but it probably made us a little more sharp to realise what could happen," Stowell told AAP.

"Winning the first race gave us the boost of knowing that we were in the hunt but the second brought us back down to size."

Stowell said while they felt at home on Sydney Harbour, other crews had relocated there in the lead-up so had a similar advantage with their knowledge of local conditions.

Still, the cheers from the packed Manly ferries and fans who lined the shore around Bradleys Head, still resonate with Stowell.

"We were almost a little bit unnerved by it at first because we weren't used to it but it's an easy thing to get used to," she said.

"The ferry near the finish line was on an angle with everybody running to one side.

"We definitely got that sense of support on the water that we wouldn't normally get which was amazing."

The Australians won four races from 11 for a comfortable victory over crews from the USA and the three-time world champions Ukraine, who Kovalenko previously coached.

Stowell said it was only later she reflected on the success of Australian women at the Sydney Games, with Cathy Freeman's 400m triumph an iconic moment.

"My drive to win gold at the time was over-consuming but I wasn't really looking at what it might mean in the bigger picture," she said.

"The whole vibe in Sydney was incredible and to see the success of others like Cathy Freeman motivated us along the way; it was just so special to be a part of."

Australian Associated Press