Wat Phananchoeng is in the southern part of the city near the river. It was built in 1324 A.D., 26 year before king U-thong founded Ayutthaya, although it is not known by whom this temple was built. Phra Chao Phananchoeng, a large sitting Buddha constructed of brick and mortar, has been well known of a long time. King Naresuen the Great repaired it once, and the other Kings of Ayudhya must keep it in good repair too, though no mention is made of that in the chronicle, from which it is learnt only that when Ayudhya was taken by the Burmese tears flowed from the eyes of this image.
Later on the first king of the Chakri Dynasty and some of his successors repaired the image and towards the end of 1854 A.D., King Mongkut completely renovated the image and renamed it Phra Bhudh-trai-ratana nayok. On the 21st December 1901, during the reignof King Chulalongkorn, the outer garment of Phra Chao Phanan-cheng caught fire and the image was damaged in many places. King Chulalongkorn commanded the image to be repaired, and the work was finished in 1902 A.D.