The lapis is at most a counterpart or analogy of Christ in the physical world. Its symbolism, like that of Mercurius who constitutes its substance, points, psychologically speaking, to the self, as also does the symbolic figure of Christ.
Jung establishes the lapis philosophorum as a psychological symbol of the Self, a pagan analogue to Christ rather than an identification with him, distinguished by its ambiguity and darkness.
, Alchemical Studies, 1967thesis