A pharaoh's treasure is an item in Evony TKR (The King's Return). It can be found after killing certain monsters or bosses, with some of them listed below.
The description of Pharaoh's Treasure in Evony TKR says:
Open to receive a random lv5 Equipment material.
Pharaoh's Treasure is known to drop from a number of bosses or monsters upon killing, including Senior Cerberus.
Note: This list may be incomplete.