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Abraxsas was a word of mystic meaning in the system of the Gnostic Basilides, being there applied to the "Great Archon", the princeps of the 365 spheres. The word is found in Gnostic texts such as the Holy Book of the Great Invisible Spirit, and also appears in the Greek Magical Papyri. It was engraved on certain antique gemstones, called on that account Abraxas stones, which were used as amulets or charms. As the initial spelling on stones was 'Abrasax', the spelling of 'Abraxas' seen today probably originates in the confusion made between the Greek letters Sigma and Xi in the Latin transliteration.

The seven letters spelling its name may represent each of the seven classic planets. The word may be related to Abracadabra, although other explanations exist.

There are similarities and differences between such figures in reports about Basilides's teaching, ancient Gnostic texts, the larger Greco-Roman magical traditions, and modern magical and esoteric writings. Opinions abound on Abraxas, who in recent centuries has been claimed to be both an Egyptian god and a demon. The Swiss psychiatrist Carl Jung wrote a short Gnostic treatise in 1916 called The Seven Sermons to the Dead, which called Abraxas the supreme power of being transcending both God and devil and unites all opposites into one being.