We used to sing this at primary school. I started singing it last night during the apprentice (i'm sure that's what prompted your convo too?!)
I remember the rag and bone man coming round to collect things in the early 80's (very early memories for me, I'm only 30!!) and he used to shout "any old iron" and ring his bell.
I'm sure he wasn't waiting for George Michael to come out and attend to him..