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A treasury is either *A
government department Ministry or department (also less commonly used secretariat, office, or directorate) are designations used by first-level Executive (government), executive bodies in the Machinery of government, machinery of governments that manage a specific se ...
related to finance and taxation, a finance ministry; in a business context, corporate treasury. *A place or location where treasure, such as
currency A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific envi ...
or precious items are kept. These can be state or royal property, church treasure or in private ownership. The head of a treasury is typically known as a
treasurer A treasurer is a person responsible for the financial operations of a government, business, or other organization. Government The treasury of a country is the department responsible for the country's economy, finance and revenue. The treasure ...
. This position may not necessarily have the final control over the actions of the treasury, particularly if they are not an elected representative. The adjective for a treasury is normally treasurial. The adjective "tresorial" can also be used, but this normally means pertaining to a ''treasurer''.


History

The earliest found artefacts made of silver and gold are from Lake Varna in Bulgaria dated 4250–4000 BC, the earliest of copper are dated 9000–7000 BC. The Greek term ''thêsauros'' (treasury) was first used in Classical times to describe the votive buildings erected to house gifts to the gods, such as the
Siphnian Treasury The Siphnian Treasury was a building at the Ancient Greece, Ancient Greek cult centre of Delphi, erected to host the offerings of the polis, or city-state, of Sifnos, Siphnos. It was one of a number of treasuries lining the "Sacred Way", the proc ...
in
Delphi Delphi (; ), in legend previously called Pytho (Πυθώ), was an ancient sacred precinct and the seat of Pythia, the major oracle who was consulted about important decisions throughout the ancient Classical antiquity, classical world. The A ...
or many similar buildings erected in Olympia, Greece by competing city-states to impress others during the
ancient Olympic Games The ancient Olympic Games (, ''ta Olympia''.), or the ancient Olympics, were a series of Athletics (sport), athletic competitions among representatives of polis, city-states and one of the Panhellenic Games of ancient Greece. They were held at ...
. In
Ancient Greece Ancient Greece () was a northeastern Mediterranean civilization, existing from the Greek Dark Ages of the 12th–9th centuries BC to the end of classical antiquity (), that comprised a loose collection of culturally and linguistically r ...
treasuries were almost always physically incorporated within religious buildings such as temples, thus making state funds sacrosanct and adding moral constraints to the penal ones to those who would have access to these funds. The sovereigns' treasury within the palace in ancient Jerusalem is considered to be similar in nature to the temple treasury. The temple treasury of the settlement had appointed officials and functioned akin to a bank. In excavations of Persepolis, a text containing information pertaining to the activities of a temple treasury were discovered dated to the fifth century BC. The texts written in the Elamite language name the treasurer as '' ganzabara'' The ancient Roman word '' aerarium'' signified the treasury of the Senate; '' fiscus'' indicated the imperial treasury used by the
emperor The word ''emperor'' (from , via ) can mean the male ruler of an empire. ''Empress'', the female equivalent, may indicate an emperor's wife (empress consort), mother/grandmother (empress dowager/grand empress dowager), or a woman who rules ...
.


Treasuries as government departments


Treasury

In the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...
, His Majesty's Treasury is overseen by the
Chancellor of the Exchequer The chancellor of the exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and the head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, t ...
. The traditional honorary title of First Lord of the Treasury is held by the
prime minister A prime minister or chief of cabinet is the head of the cabinet and the leader of the ministers in the executive branch of government, often in a parliamentary or semi-presidential system. A prime minister is not the head of state, but r ...
. His Majesty's Revenue and Customs administers the taxation system. In the
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
, the
Treasurer A treasurer is a person responsible for the financial operations of a government, business, or other organization. Government The treasury of a country is the department responsible for the country's economy, finance and revenue. The treasure ...
reports to an executive-appointed
Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...
. The
IRS The Internal Revenue Service (IRS) is the revenue service for the Federal government of the United States, United States federal government, which is responsible for collecting Taxation in the United States, U.S. federal taxes and administerin ...
is the revenue agency of the US Department of the Treasury.


Ministry of finance

In many other countries, the treasury is called the " ministry of finance" and the head is known as the finance minister. Examples include
the Bahamas The Bahamas, officially the Commonwealth of The Bahamas, is an Archipelagic state, archipelagic and island country within the Lucayan Archipelago of the Atlantic Ocean. It contains 97 per cent of the archipelago's land area and 88 per cent of ...
,
Bangladesh Bangladesh, officially the People's Republic of Bangladesh, is a country in South Asia. It is the List of countries and dependencies by population, eighth-most populous country in the world and among the List of countries and dependencies by ...
,
Belgium Belgium, officially the Kingdom of Belgium, is a country in Northwestern Europe. Situated in a coastal lowland region known as the Low Countries, it is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeas ...
,
Spain Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...
,
Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...
,
New Zealand New Zealand () is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and List of islands of New Zealand, over 600 smaller islands. It is the List of isla ...
, Ghana,
Canada Canada is a country in North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, making it the world's List of coun ...
,
Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...
,
Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
,
India India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since ...
,
Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...
, the
Netherlands , Terminology of the Low Countries, informally Holland, is a country in Northwestern Europe, with Caribbean Netherlands, overseas territories in the Caribbean. It is the largest of the four constituent countries of the Kingdom of the Nether ...
,
Pakistan Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the List of countries and dependencies by population, fifth-most populous country, with a population of over 241.5 million, having the Islam by country# ...
and
Zimbabwe file:Zimbabwe, relief map.jpg, upright=1.22, Zimbabwe, relief map Zimbabwe, officially the Republic of Zimbabwe, is a landlocked country in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Bots ...
.


Both

In some other countries, a "Treasury" will exist alongside a separate "Ministry of Finance", with divided functions. The State Treasury () in
Polish law The Polish law or legal system in Poland has been developing since the first centuries of Polish history, over 1,000 years ago. The public and private laws of Poland are codified. The supreme law in Poland is the Constitution of Poland. Po ...
represents the Polish state acting in the field of civil law relations in which it is treated as equal partner to private entities (as opposed to the sphere of public law relations in which the State represented by public authorities decides unilaterally on the legal situation of individuals). It can be represented by various officials or institutions depending on circumstances and has its own ministry, the Ministry of State Treasury. Historically, it was created in the
Crown of the Kingdom of Poland The Crown of the Kingdom of Poland (; ) was a political and legal concept formed in the 14th century in the Kingdom of Poland, assuming unity, indivisibility and continuity of the state. Under this idea, the state was no longer seen as the Pat ...
in 1590, when the public treasury (or the Crown Treasury) was split from the Royal Treasury. The government of Ukraine also includes the Ministry of Finance as well as the Ministry of State Treasury. It was the same in
Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...
before the creation of the united Ministry of Economy. In the Australian federal government a treasurer and a finance minister co-exist. The Department of the Treasury is responsible for drafting the government budget, economic policy (except
monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rat ...
), some market regulation and revenue policy (which is administered by the Australian Taxation Office). The Finance Minister, who manages the Department of Finance, is responsible for budget management, government expenditure and market deregulation.


Treasuries as locations

A treasury is also a room or building in which precious or valuable objects are preserved, especially '' objets d’art'' in precious metals and jewels, of a ruler or other collector which are kept in a secure room and often found in the basement of a palace or castle.


State treasuries

In past times revenue collected by the monarch would be kept in a secure stronghold; the kings of
England England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It ...
traditionally used the Tower of London, which also housed the Royal Mint. Latterly gold reserves are held in a country's
central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...
; the gold reserves of the United Kingdom are housed in a vault at the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one ...
. The country with the largest gold reserve is the
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
; the US claims to have 8133.5 tons of gold, held at Fort Knox (58%), West Point (20%), the US Mint in
Denver Denver ( ) is a List of municipalities in Colorado#Consolidated city and county, consolidated city and county, the List of capitals in the United States, capital and List of municipalities in Colorado, most populous city of the U.S. state of ...
(16%) and the residue (approximately 5%) at the Federal Reserve Bank of New York. The second largest reserve, that of
Germany Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...
, is held at the Deutsche Bundesbank in Frankfurt am Main, the Federal Reserve Bank in New York and the Bank of England in London.''Transparency – at least as valuable as gold''
Carl-Ludwig Thiele, 14 December 2017, at gold.org; retrieved 2 January 2020
The third, held by the IMF, is in a number of in designated deposits. These treasuries are believed to satisfy a number of essential criteria, which include cost efficiency, security, and the ability to liquidate reserves at short notice.


Church treasuries

The Church has a variety of treasures that have spiritual or religious value rather than financial worth; these are housed in treasuries at most cathedrals. These take the form of
relic In religion, a relic is an object or article of religious significance from the past. It usually consists of the physical remains or personal effects of a saint or other person preserved for the purpose of veneration as a tangible memorial. Reli ...
s, icons, manuscripts, votive offerings and liturgical garments. Of particular note are the St Chad Gospels at Lichfield Cathedral, and the Codex Eyckensis at St Catherine's Church, Maaseik. The treasury at Aachen cathedral has a number of valuable artifacts, such as the Cross of Lothair and the Treasury Gospels.


Private treasuries

Collections of personal treasures, where the objects assembled are there because of the interest of the collector, rather than any intrinsic value, have been seen since the times of the Ancient Greeks, and more particularly, the Romans. For example, various Roman emperors devoted considerable effort to bring Egyptian obelisks from the Middle East to Rome, or had copies made in Rome itself. In medieval times a number of monarchs had menageries of exotic beasts; Henry III (r.1216-1292) owned three leopards, a polar bear and an African elephant, while emperor Frederick II (r.1220-1250) owned giraffes, cheetahs, lynxes, leopards, exotic birds and an elephant, and had a variety of rare falcons. The private collection of curiosities in England has been ascribed to 16th century polymath
Francis Bacon Francis Bacon, 1st Viscount St Alban (; 22 January 1561 – 9 April 1626) was an English philosopher and statesman who served as Attorney General and Lord Chancellor of England under King James I. Bacon argued for the importance of nat ...
, and in Europe to the emperor Rudolph II. In Russia this was pioneered by tsar
Peter the Great Peter I (, ; – ), better known as Peter the Great, was the Sovereign, Tsar and Grand Prince of all Russia, Tsar of all Russia from 1682 and the first Emperor of Russia, Emperor of all Russia from 1721 until his death in 1725. He reigned j ...
.MB Piotrovski ''Great private Collections of Imperial Russia'' p15 (2004) Notable modern collections include the Waddesdon and the Wallace collections in Britain, and the Getty and Guggenheim collections in the US.


See also

*
Bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
* Finance Minister * Fiscus * Mint * Treasury management * HM Treasury (United Kingdom) *
United States Department of the Treasury The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments. ...
*
Government bond A government bond or sovereign bond is a form of Bond (finance), bond issued by a government to support government spending, public spending. It generally includes a commitment to pay periodic interest, called Coupon (finance), coupon payments' ...


References


External links

{{Money and central banking within the contemporary United States (pre–1913) Government institutions Financial services organizations