Banned in today's cosmetics, the cancer-causing tar residue can be found in burnt substances and foods such barbecue, coffee, cigarette smoke, and coal tar.
"We have known for a long time that Hatshepsut had cancer and maybe even died from it," said Michael Höveler-Müller, the collection's curator.
"We may now know the actual cause," he said.
He added that cases of inflammatory skin diseases that tend to be genetic are known in Hatshepsut's family.
"If you imagine that the queen had a chronic skin disease and that she found short-term improvement from the salve, she may have exposed herself to a great risk over the years," said Wiedenfeld.
Undoubtedly one of the most extraordinary women in recorded history, Hatshepsut was the daughter of Pharaoh Tuthmosis I and wife of Tuthmosis II, her half-brother.
When her husband-brother died, she became regent for the boy-king Tuthmosis III, the child of Tuthmosis II and a concubine.
But hieroglyphic carvings suggest that Hatshepsut did not put up with that state of affairs for long: Wearing the royal headdress and a false beard, she proclaimed herself pharaoh.