An archaic spelling of alchemy; the medieval and ancient pursuit of transmuting materials and discovering magical knowledge.
From the same Arabic root as alchemy (al-kīmiyāʾ), with the -y spelling being common in Middle and Early Modern English before standardization.
In literature, 'alchymy' became the poetic or archaic choice spelling—so when modern fantasy writers want to sound old-fashioned and mystical, they'll sometimes deliberately use 'alchymy' instead of 'alchemy.'
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