The first would obviously be metals used to make pots other than elemental metals or well establshed alloys like steel or bronze (cast iron or copper pots were usually referred to as such, not lumped into the pot metal group). The common denominator is pretty much that they're cast metals with low melting points.
The second definition is close to what Cosmoline wrote, but it doesn't specifically refer to melting in a lead pot, especially since lead is the lower melting point element in many of the alloys in this class. The most common elements are zinc, lead, copper, magnesium, aluminium, and sometimes tin or even iron. Tin is about the only pot metal element with lower melting point than lead. Anyhow, though, yes, the colloquial definition does refer to an alloy of these elements that doesn't require foundry temperatures and really could be melted together and cast from a pot over a good, hot fire.
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