It has an important history for the people of Freudenberg, as it documents the local economic history in a particularly vivid way. Not only did it provide the energy to operate the oil, circular, bone and loam mills, but the water power was also a prerequisite for the creation and operation of the numerous hammer mills, which were mainly operated until the middle of the 19th century to produce the then famous Freudenberg steel. The pond was also used for fish farming.
From 1927 to the mid-1950s, a public outdoor swimming pool was operated at the Gambachsweiher. Since 1973, the Gambachsweiher has been owned by the town of Freudenberg and has been used for fish farming.
Extensive renovation work was carried out in 2015.