The victims of the three con artists perceive a reality that doesn't align with the play's actual truth. Each victim is convinced they'll acquire wealth or power with little effort. However, in reality, they are left with less wealth and no more power than they originally possessed.

The theme of transformation is a key element in this play. The storyline revolves around the belief that Subtle can transmute ordinary metals into gold. During the early seventeenth century, alchemy was still a widely accepted practice. Queen Elizabeth investigated its potential to boost her riches, and even Sir Isaac Newton was a believer in its concepts. In The Alchemist, alchemy is employed as the basis for a con, tricking naive targets. The sole genuine transformation is the reduction of their finances.

The storyline of Jonson's play centers on deceit. Each of the three con artists uses trickery for monetary gain, yet the victims are also guilty of self-deception. Their willingness to believe the lies is what makes the scam succeed. Surly disguises himself to expose the fraud, though his disguise is just another form of deceit. Jeremy adopts the identity of Face to entice victims to the house, later transforming into Lungs, the alchemist's assistant. Dol takes on the roles of the Queen of Fairy and a deranged noblewoman as part of the con, while Subtle poses as both an astrologer and an alchemist. The success of each deception depends on the victims not encountering one another. Starting in the middle of Act IV, as the victims begin to arrive more frequently and unexpectedly, managing the deception becomes increasingly difficult.

The victims' own greed fuels these swindles. Each individual desires more power or wealth than they have rightfully earned or deserve, coming back time and again as their greed deepens. Their losses in both goods and money increase as they become dissatisfied with what they currently own, continually yearning for additional wealth.

The play's ending prompts reflection on moral themes. The pain of loss imparts valuable lessons to the victims, enhancing their lives by exposing the destructive nature of excessive greed. When Subtle and Dol must flee without the wealth and possessions they had amassed, it underscores that deceit ultimately brings no reward. Yet, Jeremy avoids any repercussions for his involvement in the scams, which questions the idea of justice. Typically, audiences anticipate the villains being punished and the virtuous characters being rewarded. This expectation is overturned when Jeremy is pardoned by his master, allowing him to emerge victorious at the play's conclusion.

These ideas are directly connected to Lovewit's leaving and eventual return. When Lovewit leaves London, entrusting his house to Jeremy, chaos breaks out. This is especially evident in Act IV, where the house turns into a hub for victims, each hoping for more help and wealth. Order is finally restored when Lovewit returns. The con artists escape, and the victims are forced to come to terms with their losses and bring order back to their lives.

The two Puritans are important symbols in Jonson's satire on extreme religious practices. When Subtle tells them they need more money, he also hints they can "make" more by transforming pewter into cash. Initially, their concern is about the legality of altering foreign coins. However, this is just a pretense to discuss counterfeiting. The two Deacons rationalize their need for money as necessary for doing God's work. Therefore, they place divine requirements above human laws, or in this case, the king's laws.

Essentially, the Puritans compromise their religious and ethical principles under the pretense of serving God. Jonson uses these characters to emphasize...