I came across a Nina Simsone Website that attributes the song to Norman Curtis, Oscar Brown jr. Garry Gillard's Watersons Discography attributes the song to (Brown/Curtis) - it's on Norma's self-titled CD.


Here are the lyrics, as posted on the official Website of Oscar Brown, Jr.:

RAGS AND OLD IRON

I heard an old rag man out makin' his rounds
  Comin' right down my alley with sorrowful sounds
  Cryin' "Aigs Ol' I'n!" and pulin' his cart
  I asked him how much he'd give me for my broken heart
                  
          Aigs Ol' I'n!  Aigs Ol' I'n!
          All he was buyin'
          Was rags and old iron
          
  I asked that old rag man how much he would pay
  For a heart that was broken when you went away
  For a burnt out old love light that no longer beams
  And a couple of slightly used second hand dreams
  
          "Aigs Ol' I'n!  Aigs Ol' I'n!"
          All he was buyin'
          Was rags and old iron
  
  Whatever he'd offer I'd happily take
  For the big empty promises you used to make
  For the memories of you that are no longer sweet
  I just wish he could haul 'em all off down the street        
                          
         " Aigs ol' i'n!  Aigs ol' i'n!"
          All he was buyin'
          Was rags and old iron
  
  When love doesn't last, tell me what is it worth
  It was once my most precious possesion on earth
  Now I asked that old rag man if he'd like to buy
  But he just shook his head and continued to cry        
                          
         " Aigs ol' i'n!  Aigs ol' i'n!"
          All he was buyin'
          Was rags and old iron