Phra Racha Wang Derm or Thon Buri Palace is the only palace built by King Taksin the great in 1768. It was built on the west bank of the Chao Phraya River near the old Wichayen Fort which was later renamed Wichaiprasit Fort to the canal north of Arun Rajawararam temple (Nakornban Canal) and included Wat Chaen (Arun Rajawararam Temple) and Wat Tai Talad (Wat Molee Lokayaram) within its borders. Later, when King Rama I ascended the throne, the capital was moved to the east bank of the Chao Phraya River, and a new royal palace was constructed. Thon Buri Palace became known as Phra Racha Wang Derm (the original palace). King Rama I reduced the area of the palace by excluding the two temples from the palace grounds.
Because of its strategic location, the King placed important royal family members in Phra Racha Wang Derm. This practice continued until King Rama V