It was, as I dimly recall, played as a loose circle of seated children, and one (Lucy) circling the ring on the outside, with a purse or other small item in her hand the circle did the chant:
"Lucy Locket lost her pocket,
Kittie Fisher found it
There was not a penny in it
But a ribbon round it"
and then something like a chant of "Drop it, drop it, as the child moving outside the circle got up speed, then dropped the "purse" (pocket) behind one child who then had to scramble to their feet , and run round the circle's perimeter, trying to get back to their seat before "Lucy".
Thrilling it wasn't.