The Swedish title "Skänklåt till Spelman" loosely translates to "Song to honor folk musicians". I learned this song from a Swedish folk music club to which I belong. My interpretation of the song this short song is that it's a reminder to donate a bit of money to a busking musicians (first verse). The second verse is the musician him/herself who is grateful to anyone who donates a bit of change. Below is the basic English translation to the lyrics:

First verse, sung in a minor key (sung twice):
Old and young, old and young,
up with your money, up with your change purses
give to an honest folk musician

Second verse sung in a major key (also sung twice):
Oh, many thanks shall the lad have,
For this donation and gift!
A beautiful girlfriend shall you have,
If only as a a good advice from me.

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