About 100 residents gathered at the bank of the Arrow River on Friday evening for the unveiling of a landmark which gives overdue public credit to Jack Tewa, the man who first found "the colour" in August 1862.
"X Marks the Spot" is the headline on the metal monument, which was based on a concept created by Arrowtown artists Shane Woolridge and Connor Nicholas.
However, William Fox claimed to be the discoverer and word spread like wildfire, triggering the gold rush which changed the South forever.
The monument was unveiled by Arrowtown's last mayor, Jack Reid, who at the age of 91 can remember as a boy talking with original gold prospectors in the village.
The second official function of the 150th anniversary was the opening of the ambitious new exhibition "Gold is Where You Find It: 150 Years of Gold in Central Otago", in the Lakes District Museum.
More than 200 people crammed into the museum to hear speeches of welcome by Mr Clarke and researcher and curator Angela English, and entertaining reminisces of gold mining by Arrowtown prospector, farmer and author Alan Hamilton, who later cut the ribbon.