A friend of mine who was into alchemy, told me it was because the difference was only three protons. I don't if early alchemists knew that or why not consider metals that are less than three protons different from gold.
But as the sibling poster states, no, they didn't know.
Photons=Wind
Neutrons=Earth
Protons=Fire
Clearly gold is just lead with a little bit of extra elemental fire, I mean, look at the colors.