Alchemy is an ancient practice shrouded in mystery and secrecy. Its practitioners mainly sought to turn lead into gold, a quest that has captured the imaginations of people for thousands of years. However, the goals of alchemy went far beyond simply creating some golden nuggets.
Alchemy was rooted in a complex spiritual worldview in which everything around us contains a sort of universal spirit, and metals were believed not only to be alive but also to grow inside the Earth. When a base, or common, metal such as lead was found, it was thought to simply be a spiritually and physically immature form of higher metals such as gold. To the alchemists, metals were not the unique substances that populate the Periodic Table, but instead the same thing in different stages of development or refinement on their way to spiritual perfection.
As James Randi notes in his "Encyclopedia of Claims, Frauds, and Hoaxes of the Occult and Supernatural," "Beginning about the year 100 and reaching its flower in medieval times, alchemy was an art based partly upon experimentation and partly upon magic. Early investigators of natural processes centered their search on a mythical substance they knew as philosopher's stone, which was supposed to possess many valuable attributes such as the power to heal, to prolong life, and to change base metals into precious metal — such as gold." (This "philosopher's stone" was not a literal stone but instead a wax, liquid, or powder that held magical powers.)