English government department responsible for receiving and dispersing public revenue.
It was established by Henry I in the 12th century, and its name refers to the checkered cloth on which the reckoning of revenues took place. Originally, the lower Exchequer was an office for the receipt and payment of money, while the upper Exchequer was a court sitting twice a year to regulate accounts. The English judicial system grew out of the upper Exchequer, and the lower Exchequer became the Treasury. "Exchequer" is still the unofficial name of the Treasury in Britain.