Although there are some good answers, I will mainly focus on the historical aspect.
Elemental mercury was known to the ancient Greeks, Romans, Chinese and Hindus and in the theory of alchemy, mercury was considered as one of the three principal substance (other being sulfur and salt) and every metal was made of these three principal substance in different ratios. However, the alchemists considered gold as the most perfect metal and other metals as "sick". So, they wanted to "cure"(convert) every metal to gold particularly mercury. Below are some excerpts from some articles:
Alchemy is a pre-scientific field of study that was widespread up until the Middle Ages, and focused on the nature of materials and the reactions between them. Alchemy combined philosophical beliefs, like the belief held by Greek philosopher Aristotle, according to which every material in nature strives for perfection. The most perfect material, according to alchemists, was gold. Besides its unique color, gold can withstand other materials and environments, and it is easy to weld and shape. Alchemists thought, like Aristotle, that other materials, such as lead and iron, are inferior and "sick" They believed these could be "cured" and turned into the coveted gold in a process called "transmutation".
https://davidson.weizmann.ac.il/en/online/orderoutofchaos/can-lead-be-turned-gold
In the ancient art of alchemy, mercury, sulfur, and salt were the Earth’s three principle substances. The Hindu word for alchemy is "Rasasiddhi", meaning "knowledge of mercury". Believing that mercury was at the core of all metals, alchemists supposed that gold, silver, copper, tin, lead and iron were all mixtures of mercury and other substances. While alchemists in different cultures had different beliefs, one of the central themes to European alchemy was the belief that the correct combination of mercury and other ingredients would yield riches of gold.
https://sites.dartmouth.edu/toxmetal/mercury/mercury-element-of-the-ancients/
You can go also go through the below links articles for an indepth discussion on this topic.
- Simioli, Carmen. "Alchemical Gold and the Pursuit of the Mercurial Elixir", Asian Medicine 8, 1 (2013): 41-74, DOI: 10.1163/15734218-12341289
- https://timesofindia.indiatimes.com/home/sunday-times/deep-focus/the-curious-case-of-an-experiment-with-alchemy/articleshow/3089537.cms