The idea that a miser would miss his treasure most if it were lost is indeed not that certain. In fact, he already misses it. This is precisely why he is a miser: he not only denies everyone else the enjoyment of his treasure, but also himself. No matter how attached to it he is, he leaves it untouched. And if deprived of it, even he himself would not be able to say what precisely he is missing. In this sense, the miser’s treasure strikingly illustrates what Lacan defines as the “object of phantasm.” The treasure makes up the center of a scenario to which, at the most fundamental level, the miser owes his identity as miser. It indicates the level at which he no longer seems able to maintain himself as the subject (the bearer) of his narrative. For as soon as he is confronted, either consciously or unconsciously, with the fact that he does not know who he is and precisely what he seeks in his riches, he slides away into his phantasm. He sinks down into a scenario of signifiers in which he (as subject) completely forgets himself and “merges” with his beloved treasure. However, he doesn’t “really” merge with his treasure; he only merges with the scenario crystallized around that object. He merges with a signifying scenario from which the treasure remains at distance. As object of desire, the treasure is not to be reduced to one of the signifiers that constitute the miser’s life. Rather, it is located where the signifiers always fall short and, in this way, maintain the miser’s desire (or, what amounts to the same thing, the object relation he “is”). The object is to be sought at the place of the “phallus,” that is, the place where that pure (phallic, symbolic) lack is covered up by the scenario of the phantasm. Keeping everyone (including himself) from his treasure, the only experience he has of it is that of a lack. In the final analysis, his treasure coincides with that very “lack,” which is the ultimate reason why he keeps it above all away from himself.
Marc De Kesel, Eros and Ethics, 2009