Base Metal
This is said to be a metal, such as Lead (Pb), that through the practice of Alchemy, could be turned into Gold. It was more likely considered to be allegorical for the uneducated man who needed to be educated to become a better person.
Base metal can be compared to the Rough Ashlar, a term used by Freemasons.
The water that Jesus Christ is said to have turned into wine may also be thought of as the base metal, while the wine may be thought of as the Gold. The term turning water into wine may have meant turning the average person into a better person. Freemasonry, like Jesus Christ and other great men, attempts to turn regular people into better citizens.