Old King Cole

Who was actually King Cole that this English nursery rhyme from 1708 tells us about? The answer is that nobody knows... Probably he has never existed...
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Old King Cole - Lyrics

Old King Cole was a merry old soul.
And a merry old soul was he,
He called for his pipe, and he called for his bowl
And he called for his fiddlers three.
Every fiddler he had a fiddle,
And a very fine fiddle had he,
Oh there's none so rare, as can compare
With King Cole and his fiddlers three.