Potts was born at Warwick Furnace, Pennsylvania, about eight miles from Pottstown, Pennsylvania. He became an ironmaster, and owner and manager of Warwick Furnace. He was a member of the Pennsylvania House of Representatives from 1824 to 1826.
He was elected as an Anti-Masonic candidate to the Twenty-second and to the three succeeding Congresses. He was not a candidate for renomination in 1838. Potts resumed his former business pursuits, and died at Warwick Furnace. Interment in Coventry Cemetery near Warwick.