The English Treasury seems to have come into existence around 1126, during the reign of Henry I, as the financial responsibilities were separated from the rest of the job that evolved into Lord Great Chamberlain. The Treasury was originally a section of the Royal Household with custody of the King's money. In 1216, a Treasurer was appointed to take control of the Treasury in Winchester. The Treasurer was also an officer of the Exchequer, and supervised the royal accounts. It was in the 16th century, the office's title of King's Treasurer developed into Lord High Treasurer.[2] By Tudor times, the Lord High Treasurer had achieved a place among the Great Officers of State, behind the Lord Chancellor and above the Master of the Horse. Under the Treason Act 1351 it is treason to kill him.
The office of Lord High Treasurer is distinct from that of Treasurer of the Exchequer. The Lord High Treasurer was appointed by the delivery of a white staff to the appointee, and the Treasurer of the Exchequer was appointed at His Majesty's pleasure by letters patent under the Great Seal of the Realm. However, when the Treasury was held by an individual, he was appointed to both offices.[2][3] It is the office of Treasurer of the Exchequer that is put into commission, not the office of Lord High Treasurer. When the office of Treasurer of the Exchequer is put into commission, the office of Lord High Treasurer is left vacant.[3]
During the sixteenth century, the Lord High Treasurer was often considered the most important official of the government, and became a de facto Prime Minister. Exemplifying the power of the Lord High Treasurer is William Cecil, 1st Baron Burghley, who served in the post from 1572 to 1598. During his tenure, he dominated the administration under Elizabeth I.[4]