The carol was traditionally performed in Coventry in England as part of a mystery play called The Pageant of the Shearmen and Tailors.

The play depicts the Christmas story from chapter two in the Gospel of Matthew: the carol itself refers to the Massacre of the Innocents, in which Herod ordered all male infants under the age of two in Bethlehem to be killed, and takes the form of a lullaby sung by mothers of the doomed children.

Herod, the king, in his raging, Chargid he hath this day His men of might in his owne sight All yonge children to slay,— Herod the king, in his raging, Chargèd he hath this day His men of might in his own sight All young children to slay.

Although the Coventry mystery play cycle was traditionally performed in summer, the lullaby has been in modern times regarded as a Christmas carol.

[15] Joel Cohen uncovered an early shape note choral song from the 18th century which also includes some of the lyrics to the Coventry Carol and has a tune at least marginally resembling Niles' variant.

For this reason, Cohen argued that the Appalachian variant was likely to be authentic and that Crump et al. have been too quick to assume chicanery on Niles' part due to his proclivity for editing some of his collected material.

Although the tune is quite different to that of the "Coventry Carol", the text is largely similar except for the addition of an extra verse (described by Poston as "regrettable"): And when the stars ingather do In their far venture stay Then smile as dreaming, little one, By, by, lully, lullay.