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According to legend, Lady Godiva rode naked on a horse through the streets of Coventry, England. She did this to ease the tax burden of the citizens that was imposed by her husband, who agreed to relieve the toll if she did this.
The mayor of Coventry, the home town of the real Lady Godiva, branded this obscene and banned it there. (thanks, Brad Wind - Miami, FL)
In the UK, "Lady Godiva" refers to a five pound note. It is a rhyming slang for "fiver." (thanks, Bertrand - Paris, France)
A cover version by singer-songwriter Alex Day peaked at #15 on the UK singles chart in April 2012. Day filmed a video for his version, which starred Carrie Hope Fletcher (McFly's Tom Fletcher's sister) as Lady Godiva. The singer himself also played various characters.
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