This talk takes a light-hearted look at the work of the alchemists. Today they are remembered for trying to make gold, but we now believe the transmutation of one element into another by the means at their disposal was impossible. However, this talk maintains that by in view of the theories current in the past, the attempt was not unreasonable. It describes how the alchemists went about their work, and what they actually managed to achieve. Finally the talk considers whether or not the modern chemist is in any sense indebted to the work of the alchemists.