Stanning, 27, from Lossiemouth, Moray, is a Royal Artillery captain and was paired with Glover just three years ago. She said: "My body wants to go into shutdown but it can't. I'm so excited but I'm absolutely shattered and excited at the same time. I want to collapse but I'm so overjoyed.
"From all the races this season we have got out ahead and that's exactly what we wanted to do today. Not let anyone get back and keep that same margin we've had at all the world cups this year."
During the final stages of the race, when the New Zealander and Australian rowers appear to narrow the gap, Stanning revealed: "We didn't want to give anything back. Helen was saying, 'give us more'."
Glover, 26, a former PE teacher from Penzance, Cornwall, has been rowing for only four years. She said she did not think the pair would win until the very final moment of their race: "I don't remember smiling because I never let myself think 'we've got this'."
The pair were home favourites for the race after setting an Olympic record of six minutes 57.29 seconds in their heat.
Sports minister Hugh Robertson said: "It is an absolutely fantastic result.
"First home gold and the first ever female rowing gold medal, so two pieces of Olympic history and a really great race."
London Mayor Boris Johnson said: “Helen Glover and Heather Stanning's historic triumph will be celebrated throughout the country today.
"Not only have they achieved the first Gold Medal for Great Britain at London's Games, they have bagged the first ever rowing medal for Team GB's women at an Olympics. It's an outstanding achievement and I'm sure it will spur on all our athletes in the medal stakes. It’s fantastic - Go Team GB!”
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