Cherished treasure.
Meaning: This phrase is used to describe something that is very special and important to someone. It's like saying, The balloon was a cherished treasure that I will always remember.
Choice of Words: Cherished is an adjective that describes something that is greatly valued or loved. Treasure is a noun that refers to something that is highly valued or prized. When you put them together, "Cherished treasure" is a phrase that describes something that is greatly valued and loved by someone.
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Related Expressions