This is a counting-out rhyme for choosing things like who will be "It" in a game or who is "Out". Whoever is reciting the rhyme points to each person on each syllable of the rhyme, and whoever is pointed to on the last syllable is either "It" or is "Out".

Monkey, Monkey, Bottle of Beer - American Children's Songs - The USA - Mama Lisa's World: Children's Songs and Rhymes from Around the World  - Intro Image

Thanks and Acknowledgements

This rhyme can be found in Games for the Playground, Home, School and Gymnasium (1909) by Jessie H. Bancroft.

The image is from "Grosses bêtes & petites bêtes", images and text by André-Hellé (Paris, 1912), with a little graphical editing by Lisa Yannucci.