Alchemists thought of mercury as the First Matter from which all metals were formed. They believed that different metals could be produced by varying the quality and quantity of sulfur contained within the mercury. The purest of these was gold, and mercury was called for in attempts at the transmutation of base (or impure) metals into gold, which was the goal of many alchemists.

Hg is the modern chemical symbol for mercury. It comes from hydrargyrum, a Latinized form of the Greek word Ύδραργυρος (hydrargyros), which is a compound word meaning "water-silver" (hydr- = water, argyros = silver) — since it is liquid like water and shiny like silver. The element was named after the Roman god Mercury, known for speed and mobility. It is associated with the planet Mercury; the astrological symbol for the planet is also one of the alchemical symbols for the metal; the Sanskrit word for alchemy is Rasavātam which means "the way of mercury". Mercury is the only metal for which the alchemical planetary name became the common name