In 1845 Ferdinand Adolph Lange as the first watchmaker settled in Glashütte. He followed a call from the royal-Saxon government, of which he received 7'800 thalers (made of silver from Joachimstal, 1 thaler = 3 Reichsmark, Thaler is the origin of today's dollar) start-up financing. Lange began with the education of the first watchmakers. Despite considerable initial difficulties, the watchmaking and precision mechanics industry became the economic backbone of the city from around 1875 onwards.