The king can't be taken away from the board, so both kings are always present on the board, and it doesn't matter what value one assigns to the king: there is always parity between the two players in this regard. Overall, the king is great at defending in the middlegame and at attacking in the endgame, but he is also an easy target, so his strengths are double-edged.
Okay, I think most of us know that there are always to kings on the board :-). We are not talking here about the value of the king to be able to exchange it favourable with another figure - so we do even not mention this in the present discussion. The thread is about how strong a king, and the question is almost only relevant concerning endgame, especially when queens are traded. The king will attack and support pawns and figures, and in this function (because it can move in all directions and cannot be attacked by the other king) it has the value of ca. 4 pawns. This value is given by strong theoreticians and GMs.
The king can't be taken away from the board, so both kings are always present on the board, and it doesn't matter what value one assigns to the king: there is always parity between the two players in this regard. Overall, the king is great at defending in the middlegame and at attacking in the endgame, but he is also an easy target, so his strengths are double-edged.