“Peggy-O” is the American name for an old Scottish folk song, “The Bonnie Lass o’ Fyvie,” which was already in print by the 1790s. It tells of a troop of soldiers passing through the village of Fyvie, where their captain falls in love with a local young woman named Peggy — a love she refuses, unwilling to marry a soldier and a stranger — and the captain, rejected, soon dies.
As the song crossed the Atlantic and passed through generations of singers, its words drifted. The Scottish place-name Fyvie was worn down into sound-alike inventions — “Fennario” chief among them — and the song collected many titles and variant verses.
“Peggy-O” became a favorite of the 1960s folk revival; Bob Dylan recorded it on his first album.