The instability of the early recorded lyrics has not prevented considerable speculation about the meaning of the rhyme. A medieval date had been argued for the rhyme on the grounds that the bells worn on the lady's toes refer to the fashion of wearing bells on the end of shoes in the fifteenth century, but given their absence from so many early versions, this identification is speculative. Similarly, the main
Banbury Cross was taken down around 1600, but other crosses were present in the town and, as is often the case, the place may have retained the name, so it is difficult to argue for the antiquity of the rhyme from this fact. A "
cock horse" can mean a high-spirited horse, or the additional horse to assist pulling a cart or carriage up a hill. It can also mean an entire or uncastrated horse. From the mid-sixteenth century it also meant a pretend
hobby horse or an adult's knee. There is also an expression "
a-cock-horse", meaning "
astride". The Cock Hotel,
Stony Stratford, of "
cock and bull" fame might also have been the supplier of the horse for the leg of the journey to Banbury. Despite not being present or significantly different in many early versions, the
fine lady has been associated with
Queen Elizabeth I,
Lady Godiva, and
Celia Fiennes, whose brother was William Fiennes, 3rd
Viscount Saye and Sele (c. 1641–1698) of
Broughton Castle, Banbury, on the grounds that the line should be 'To see a Fiennes lady'. There is no corroborative evidence to support any of these cases. ==In popular culture==