Mephuras already answered Circe well enough. Theres essentialy exoteric and esoteric alchemy, and it seems to me, with what surfing I have done and couple of books read, that alchemy has turned more to the mermetic mystical side of things over the past 400 or more years, and less from the lead into gold side, especially since the search has been going on for so long.
Alchemists also tried to create all sorts of liquors and essences, to impart the characteristics of one thing to another, preferably of course lead into gold but also prolong life. The wholething with the philosophers stone coems into it in various ways. If your interested in mankinds fetish for symbolism and so on, alchemy is a good place to look into.
It seems there were ways of making counterfeit gold, ie coating otehr materials witha sheen of gold, such that its hard to tell them right, especially becuase the sort of smear test they often did back then would rub off some of the surface gold, leaving a golden streak, which was gold, never mind the rest of the material wasnt. There were also methods to adulterate gold, with copper and stuff, so that it still looked yellow, but was slightly lighter. It seems that they still thought of that as gold, nto having knowledge of the elements back then. Mind you, it was essentially alchemists who discovered distillation, (the greek ones 2,000 years ago did I think) and that was popular for obvious reasons in medieval europe from the late 13th century onwards.
As for hermetiscism, which is what alchemy was related to and I think intertwined with, something that seems apparent by the modern websites about it all, its hard to say exaclty who thought which way worked/ was best, the search for gold, or the search for internal harmony and god etc.