This is believed to be an adaptation of a passage translated from the Viking saga Heimskringla to sound like the nursery rhyme. It refers to the supposed attack (and destruction of the bridge) by Olaf II of Norway on 1014. It is, in my opinion, as grim as it is interesting.
London Bridge is broken down.
Gold is won, and bright renown.
Shields resounding,
War-horns sounding,
Hild is shouting in the din!
Arrows singing,
Mail-coats ringing
Odin makes our Olaf win!
London Bridge is broken down.
Gold is won, and bright renown.
Shields resounding,
War-horns sounding,
Hild is shouting in the din!
Arrows singing,
Mail-coats ringing
Odin makes our Olaf win!