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From Terraria Wiki
Lead Bars are crafted using 3 Lead Ore at a Furnace.
Crafting all Lead items, including the Lead Door, Lead Anvil, and Metal Fence, requires 138 Bars, or a total of 414 Ore. Crafting only the weapons and defense armor will require 128 Bars, or 384 Ore.
- On Console version, Lead can be used to craft the items for summoning the mechanical bosses even though it only shows iron in the recipe and that you don't have the necessary iron. Confirmed with Mechanical Worm.
- Like gold, lead is extremely heavy and quite soft in reality, which would render it useless for making tools and armor.
- In reality, lead is a neurotoxin with serious negative effects on the human body, up to and including death. This property doesn't seem to be shared by the in-game metal, as it is used in a variety of food-related items (eg. Cooking Pots and Ironskin Potions).