The song first appeared as a Broadside ballad around 1850 and has since been recorded with the melody of the Irish traditional air "Cailín Óg a Stór" by numerous artists.
In 1854, Scottish explorer Dr. John Rae discovered evidence through talking to Inuit hunters, among others that the expedition had wintered in 1845–46 on Beechey Island.
These typically include the phrase "500 Guineas" or "one thousand pounds", and are also sung to the melody of the traditional Irish air "Cailín Óg a Stór".
Several field recordings of the ballad were made in Canada, particularly in Nova Scotia and Newfoundland, by collectors such as Edith Fowke, Helen Creighton and Herbert Halpert.
A version was recorded as "Lord Franklin" by Mícheál Ó Domhnaill and Kevin Burke on their album Promenade (1979).
Other notable renditions were recorded by Liam Clancy, Pentangle, Martin Carthy,[10] John Renbourn, and Sinéad O'Connor.
Several variations and adaptations of the song have been recorded, such as version by the Duncan McFarlane Band, where the chorus of "Northwest Passage" is added to the end.