This is a very unusual marked Spencer M1865 carbine, with a Siamese Chakra stamped on the receiver top and are 5 characters stamped on the wood below the bottom tang. The serial number on this 20” barrel carbine is 5481. The mechanical function is very good and tight and the bore is shiny with strong rifling but shows black powder corrosion. The wood has bumps and dents but no cracks. I have never encountered a Spencer stamped with a Siamese Chakra and I find no reference to a contract purchase. After the Civil War there were tons of surplus rifles and carbines on the market that could be purchased for a fraction of the original cost. This is a real Spencer oddity.