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What is the significance of the philosopher's stone in alchemy?

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What is the significance of the philosopher's stone in alchemy?
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In alchemy it was an object used to turn base metals into gold. It was also said to confer immortality upon the holder. In a much more philosophical sense it was also a metaphor for the training and initiation of one into the arts of alchemy.
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Philosopher's stone is usually attributed to Socrates. He was the one who proposed somehow of a stone that we ought to discover...much like a gold.
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