It first appears in print in 1828 in two sources, Peter Buchan's Ancient Ballads and Songs of the North of Scotland and John Wilson's Noctes Ambrosianae #40.
It was later published as number 44 of Francis James Child's English and Scottish Popular Ballads.
A blacksmith threatens to deflower (take the virginity of) a lady, who vows to keep herself a maiden.
A transformation chase ensues, differing in several variants, but containing such things as she becomes a hare, and he catches her as greyhound, she became a duck and he became either a water dog or a drake.
It is also popular among neofolk artists, and has been recorded by Current 93 (under the name "Oh Coal Black Smith") and Blood Axis.