Philosopher's stone
The philosopher's stone is a mythical substance that was supposed to turn inexpensive metals into gold; and/or also an elixir that would make humans immortal. The word elixir is derived from the Arabic for philosopher's stone, al iksir.
Philosopher's Stone is also the slang name of a mushroom, Psilocybe mexicana. It is a hallucinogen, like the more well-known Psilocybe cubensis.
The stone in alchemy
The philosopher's stone was a longtime "holy Grail" of Western alchemy. The concept may have been inspired in the theory of the 8th century Islamic alchemist Geber, who believed that the transmutation of one metal into another could be effected by some sort of rearrangement of its elemental properties (hotness, coldness, dryness, and moistness).
The concept of transmutation was thoroughly discredited by 20th century chemistry and physics, which established that transforming of one chemical element into another would require energy exchanges between atoms far exceeding, by many orders of magnitude, those that can be produced by ordinary chemical or physical manipulation.
However, within the philosophical system of Western alchemy (hermeticism), metal transmutations and the philosopher's stone could also be symbols for inner spiritual transformation of the alchemist. Thus, in religious contexts such as the New Age movements, the concept may be as valid as it ever was.
The stone in fiction
The philosopher's stone has appeared in works of fiction, most famously in J. K. Rowling's novel Harry Potter and the Philosopher's Stone. This book was released in the United States under the title Harry Potter and the Sorcerer's Stone, since the publishers felt that a title referring to the "philosopher's stone" would be too esoteric and dull-sounding to appeal to an audience of American youth.