It will give you lead poisoning witch can cause blindness so don't put lead in your mouth.
If your cut via a pencil make sure to wash it out properly.
Answer
Lead poisoning is more often than not a result of exposure to lead over time. It can cause mental and physical development issues in children. Adults can end up with anemia and other issues. It is said that the cause of the downfall of the Roman Empire was lead poisoning from drinking wine from pewter cups.
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Over the long term, lead poisoning in a child can lead to learning disabilities, behavioral problems, and even mental retardation. At very high levels, lead poisoning can cause seizures, coma, and even death.