Treasure Demons only begin appearing from May 18th onward in Madarame's Palace and subsequently the rest of the Palaces and Mementos. When breaking a search object or opening a shiny treasure chest, there is a small chance the shadow of a rare Persona will pop up instead and attempt to escape from the protagonist. The chance of their appearance in Mementos can be boosted by venturing there during bad weather. The infiltration item Treasure Trap can be used to multiply the appearance rate.
Fleeing from a Treasure Demon in Mementos will not cause it to respawn immediately: the party has to enter another battle with a Shadow to respawn the Treasure Demon on the field. This may be exploited to spawn the Treasure Demon that the protagonist needs to complete the compendium. Causing The Reaper to appear and engaging it in battle also helps respawn the Treasure Demon afterwards, however, the party's agility must be high to escape the Reaper battle.
When engaged against a Treasure Demon in battle, it will remain stumped for a few turns but quickly flee. Knocking it down and then asking it to join will obtain the Persona instantly. Because many of these Treasure Demons have a wide range of elemental resistances, it is recommended to rank up Shinya Oda's Confidant to unlock the ability "Down Shot," which guarantees knocking down the target regardless of resistance in exchange for firing all remaining bullets (or a portion of remaining bullets if one has ranked up his Confidant to 6.) Another option is to gamble with Physical skills with a high Critical rate (e.g. Lucky Punch, a skill available to Morgana) because none of the Treasure Demons except Stone of Scone null, repel or drain Physical damage.
Treasure Demons cannot be created via fusion, and as such can only be negotiated with and obtained in the dungeon or Mementos.
Persona 5 Royal
Treasure Demons have been made significantly easier to handle compared to the original game, as the Treasure Demons can no longer innately resist, or in the case of the later Treasure Demons, null or reflect almost every skill affinity thrown at them.
In Royal, Treasure Demons cannot give anything in negotiation.
Persona 5 Strikers
Treasure Demons in Persona 5 Strikers are non-hostile, rare Shadows that randomly show up in Jails, with each Jail containing one specific type of Treasure Demon. They appear on the field as shining red jewels that roam around randomly and produce a distinctive sound effect that one can hear even if on the other side of a expansive map. Treasure Demons will not engage the party in combat unless attacked with a normal attack, Gun attack, or Persona Skill. The rate of Treasure Demon appearances can be boosted by certain consumable items as well as leveling up the "Treasure Hunter" BOND Skill.
Once the party engages in combat with a Treasure Demon, a timer will appear at the top of the screen. If the timer reaches 0, the Treasure Demon will flee and combat will end. The timer ticks in real-time and will not halt during actions that would normally stop field action, such as calling the Persona menu, using an All-Out Attack, or using a Baton Pass. If the party successfully defeats a Treasure Demon, it will drop large amounts of EXP and money, as well as extremely rare Skill Cards and Incenses. Treasure Demons cannot be recruited as Personas.
Treasure Demons have Resistance to all Elements that they are not Weak to and do not resist Physical or Gun damage. On Merciless, Treasure Demons instead Resist Physical and Gun, and Null all Elements besides their weakness.
List of Treasure Demons
Persona 5 / Royal
Mementos - Path of Qimranut
Mementos - Path of Aiyatsbus
Mementos - Path of Chemdah
Jo ou no kubikazari
Mementos - Path of Kaitul
|Stone of Scone||スクーンの石
Sukuun no ishi
Mementos - Path of Akzeriyyuth
Ko I Nuuru
Mementos - Path of Adyeshach
Mementos - Path of Sheriruth
Taitei no Gofu
|35||Hanged Man||Shido's Palace|
Mementos - Path of Sheriruth after clearing Shido's Palace
|40||Death||Mementos - Path of Da'at (P5R)|
Mementos - Depths of Mementos
|50||Fool||Mementos - Path of Sheriruth after clearing Shido's Palace|
Mementos - Qliphoth World
Mementos - Path of Da'at (P5R)
Persona 5 Strikers
|Apple of Rage||憤怒の紅玉
Fundo no Koogyoku
|Amulet of Heroes||英雄の護符
Eiyuu no Gofu
|62||Jail of the Abyss|
|64||Tree of Knowledge|
Treasure Demons cannot be equipped for combat but can be used in fusion. Similar to Demons of the Element race in other Megami Tensei games, fusion with Treasure Demons will either rank a Persona up or down by 1 or 2 ranks in the same Arcana, this allows a simpler way to complete the Persona Compendium or deal with an issue when DLC Personas get in the way of the usual fusion recipe. Treasure Demons do contribute towards the completion rate of the Persona Compendium.
The result yielded from fusion with Treasure Demons takes the current level of another ingredient Persona into account instead of the fixed base level that a persona starts in. That means one can train a Persona to the desired level in order to gain different Personas of the same Arcana out of this fusion. For example, one cannot fuse Regent with Arsène of level 8 or lower because there is no Fool Persona lower than level 8 besides Arsène himself, but one can fuse Regent with level 9 Arsène which yields Obariyon who is a level 8 Fool Persona.
Fusing two Treasure Demons simply results in another regular Persona. During a fusion alarm, fusing Treasure Demons will result in a Persona with a notably higher or lower rank than usual.
Fusion between rare and regular Personas
|Queen's Necklace||+1||-1||+1||+2||-1||-1||+1||-1||-1||-1||-1||+1||+1||-1||+1||+1||-2||-1||+2||-1||-1||+2||+1||Queen's Necklace|
|Stone of Scone||-1||+2||-1||-1||+1||+1||-1||+1||-1||-1||+2||-2||-1||+1||-1||-1||+1||+1||+1||-1||+1||+2||+1||Stone of Scone|
|Emperor's Amulet||-1||+1||-1||+1||+1||-1||-1||-2||+1||+1||-1||+1||+2||-1||+1||+2||+1||-1||-1||-1||+1||+2||+1||Emperor's Amulet|
|Hope Diamond||+1||+1||+1||-1||+1||-1||-2||-1||-1||+1||+1||-1||-1||+2||-1||-1||-1||+1||-1||+2||-1||+2||+1||Hope Diamond|
|Crystal Skull||+2||+1||+1||+1||-1||-1||+1||-1||+1||-2||-1||-1||-1||+1||+2||-1||-1||+1||-1||+1||-1||+2||+1||Crystal Skull|
Fusion between rare Personas
|—||Orichalcum||Crystal Skull||Hope Diamond||Emperor's Amulet||Orlov||Koh-i-Noor||Stone of Scone||Queen's Necklace||Regent|
|Queen's Necklace||Queen Mab||Hecatoncheir||Orpheus Picaro||Isis||Unicorn||Setanta||Naga||—|
|Stone of Scone||Ananta||Unicorn||Kaiwan||Thoth||Unicorn||Sandman||—|
|Koh-i-Noor||Melchizedek||Girimehkala||Queen Mab||Pale Rider||Lilim||—|
- All Treasure Demons within their original appearances are modeled after luxurious jewelry or ceremonial stones instead of mythological figures.
- Treasure Demons in Strikers, in contrast, instead resemble Regent, and their names allude to the Jails they are found in.