The old song, with every verse ending in “Pop goes the weasel,” is a tale of Victorian London working-class poverty.
The Eagle of the lyrics was a famous pub.
The City Road still exists.
“Pop” means to pawn something for cash, while a “weasel” in cockney rhyming slang is a coat.
After spending his money on rice and treacle, followed by a visit to the pub, the man in the song is forced to visit the pawnshop for more money, thus selling his belongings, or “Pop goes the weasel.”