"Preemption Warrant: A warrant issued by the commissioners of the District of Kentucky in 1779-1780 to men who had settled or had intended to settle in Kentucky before 1778. Each person who qualified could obtain one thousand acres adjacent to their settlement or at their improvement after paying a fee of L200 (two hundred pounds). Presumable a man had already made his preemption before being issued a preemption warrant, so this type of warrant was only for land at a particular place. Preemption warrants were also issued to men who had purchased improvements from those who had intended to settle in Kentucky. Apparently they were not issued to the widows of men who had made preemptions but who had not qualified as settlers."
"Treasury Warrant: Warrant for a certain quantity of vacant land which was purchased from the state. Initially the price of Kentucky land was set at four shillings per acre. In May 1780, however, the price was increased to one pound, twelve shillings per acre; at the same time the price of tobacco was set at forty-five pounds per hundredweight. Thus by using the 1991 price of tobacco as a guide, Virginia was selling western land at the equivalent of $6400 per hundrd acres in current money."
"Treasury warrants were also issued upon the presentation of a voucher for money owed to someone by the state. Holders of treasury warrants were responsible for finding tracts of vacant land, making an entry with the surveyor, and having the land surveyed. Land claimed on treasury warrants could nott be entered until after May 1780, thereby giving those with settlement certificates, military warrants, and preemption warrants opportunity to make earlier entries."
Here are definitions from "Master Index Virginia Surveys and Grants 1774 - 1791," compiled by Joan E. Brookes-Smith. "Preemption Warrant. One issued by the Land Office, based on some prior claim, such as actual settlement on the land. It was similar in nature and function to a Treasury Warrant."
"Treasury Warrant. A printed document, issued by the Land Office upon presentation of a voucher, which specified the quantity of land due and the rights upon which it was due. It authorized a qualified surveyor to lay off and survey the desired land."