In 1995, the Treasury Department embarked on the conversion of Princess Thiphawan’s residence to the museum named Treasury Pavilion 1, Chiang Mai Province, which provides information about regalia, royal decorations and coins along with the provision of a public service center responsible for the distribution, and exchange of coins.

  The second renovation of the building in 2016 involved repair work on dilapidated sections and a few extensions for the sake of visitors' convenience while the original architectural feature of the building was retained. A mixed use building with exhibition area and a library was also built in the back while a component building was built in front. Landscape work covering the entire premises was also carried outwhile the museum displays were designed to be modern.

 Treasury Museum Chiang Mai Province is under the auspices of Treasury Pavilion 1 Chiang Mai Province, Bureau of Grand National Treasures, Treasury Department, Ministry of Finance. 

 Treasury Museum Chiang Mai Province features a blend of contemporary and unique Lanna style in terms of design and interior decoration to be consistent with the recounting of the economic history and Lanna monetary history presented through paintings, videos and games along with the displays of various types of money previously as well as presently used in Lanna.