The noun “alchemy” refers to a chemical science and speculative philosophy that was widely practiced during the Middle Ages (476–1453 CE) and early Renaissance (approximately 1550–1660 CE). Alchemy involved attempting to transform substances into other substances, particularly base metals into gold. The potion used to perform this transmutation was also believed to grant immortality and cure diseases. Donne’s speaker uses it here to follow up his claim that all honor is false by saying that all wealth is speculative or fake.
The noun “prentice” is another word for “apprentice,” or a type of assistantship in which an inexperienced person learns a trade by assisting an experienced craftsman. In Donne’s time, a common apprenticeship arrangement was between an adolescent boy and a master craftsman such as a blacksmith. The speaker urges the sun to nag apprentices who are presumably irritated, or “sour,” by having to rise early for work.
The verb “to chide” means to scold or otherwise express disapproval of someone. Donne’s word choice further develops the personified sun’s character as an unpleasant, controlling busybody. The speaker challenges the sun’s power by questioning why “lovers’ seasons” must alter according to the sun’s “motions”; that is, why should the lovers allow the sun’s presence to influence their actions?
The adjective “pedantic” means to be overly concerned with knowledge or learning, particularly about matters that others care little about. Here, Donne’s speaker depicts the sun as a nagging schoolteacher, pestering the speaker and his lover to get out of bed and start the day.