Wait, doesn't the Philosopher Stone turn shit to gold?
Or am I wrong?
fuck, I haven't watched Harry Potter in years...
Well, supposedly. The legends about that came from real world alchemists. It was the greatest pursuit of alchemy, because it could turn base metals into silver or gold, or perhaps it operated as an elixir of immortality and other such bullshit. On another end, some considered it more of a psychological thing. Achieving perfection of one's own mind, so seeking enlightenment basically. Alchemy was an interesting mix of scientific and... spiritual (might be a better word for this) pursuits, and the stone was the finish line people were racing towards.
Fullmetal Alchemist is probably a much better representation of all of this than the goings on in Harry Potter. Much of the series was exactly that, the pursuit of the stone/elixir/enlightenment.