Treasury facts for kids
A treasury is a place or a government department that handles money and valuable things.
Originally, a treasury was a safe place where kings, cities, or temples kept their money, gold, and other treasures. Today, a treasury is usually a part of the government. This department manages a country's money, including how much money is available, how taxes are collected, and how the government spends its funds.
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History of Treasuries
For a very long time, people have needed safe places to keep important valuables. Kings and cities would store their gold and other treasures in special buildings. After winning a war, people would often take valuable items and even people as "booty" or spoils. One of the earliest recorded examples of war spoils was a stone monument taken around 1160 BC.
Some of the oldest valuable items ever found are made of silver and gold. They were discovered near Lake Varna in Bulgaria and are about 6,000 years old. Even older copper items have been found, dating back 9,000 years.
In ancient times, the word treasury was often used for places where people left gifts for their gods. For example, the Siphnian Treasury in Delphi, Greece, was built for this purpose. Many similar buildings were put up in Olympia, Greece by different city-states. They wanted to show off their wealth during the ancient Olympic Games.
In Ancient Greece, treasuries were almost always inside religious buildings like temples. This made the money and valuables very special and sacred. It also meant that stealing from them was considered a very serious crime.
The king's treasury in ancient Jerusalem was similar to the temple treasury. These treasuries had officials who worked much like a bank does today. They handled the money and kept records.
In the ancient Roman Empire, there were two main types of treasuries. The aerarium was the treasury for the Senate, which was like their parliament. The fiscus was the imperial treasury, used by the emperor, Caesar. Just like today, they had different ways of thinking about a treasury: as a place to store valuables, and as an office that managed money.
Government Treasuries Today
Today, most countries have a government department that acts as their treasury. This department is in charge of the country's money.
United Kingdom's Treasury
In the United Kingdom, the main treasury department is called Her Majesty's Treasury. It is led by a person called the Chancellor of the Exchequer. The Prime Minister also holds an honorary title related to the Treasury, called the First Lord of the Treasury. The actual collection of taxes is handled by a separate agency called Her Majesty's Revenue and Customs.
United States Treasury
In the United States, the person in charge of the treasury is called the United States Secretary of the Treasury. This person is chosen by the President. The agency that collects taxes in the U.S. is the Internal Revenue Service (IRS). It is part of the United States Department of the Treasury.
Ministry of Finance in Other Countries
Many other countries call their treasury department the Ministry of Finance. The person who leads this department is known as the Finance Minister. Countries like New Zealand, Canada, Malaysia, Singapore, India, and Japan use this name.
Countries with Both
Some countries have both a Treasury and a separate Ministry of Finance. They divide the different money-related jobs between these two departments. For example, the governments of Poland and Ukraine have both a Ministry of Finance and a Ministry of State Treasury. Australia also has a Treasurer and a Finance Minister who work together.
Images for kids
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The Treasury of Athens at Delphi, built with the spoils of the Battle of Marathon
See also
In Spanish: Tesorería para niños
