Lyric discussion by margaretcx 

The song tells a pretty straightforward story, but it contains an important theme about fate. Each of the main characters are referred to as specific cards. The hero if the “jack of hearts,” Jim is referred to as “the king” and owns a diamond mine, and Rosemary is a “queen,” Lily is a “princess,” but the women appear to be represented by “two queens.” Significantly, as the Jack of Hearts is drawn by Lily, this character arrives. In the broader context of the song, the hand of cards that is drawn (King, two queens, Jack) sets in motion a chain of events that leads to death and betrayal.

Each character has a backstory. The Jack of Hearts is very charismatic, but also has a history. He is the leader of an outlaw gang that is too loyal to leave without him, even once they have the loot. Big Jim recognizes him and is bothered that he can’t place his face. “. . . he didn't seem to hear. He was starin' into space over at the Jack of Hearts. "I know I've seen that face before," Big Jim was thinkin' to himself. "Maybe down in Mexico or a picture up on somebody's shelf" “

It’s clear from the lyrics that Lily and the Jack have been lovers in the past. She has a long history as a kept woman. “She'd come away from a broken home, had lots of strange affairs. With men in every walk of life which took her everywhere.” She is now Jim’s mistress, having changed her appearance – she’s dyed her hair a new color. We know that Lily and the Jack have had a previous relationship, because we find them in her dressing room after the show. As she’s undressing, she tells him: "Has your luck run out? . . . Well, I guess you must have known it would someday. . . I'm glad to see you're still alive, you're lookin' like a saint"

She also appears to rebuff his initial advances, saying: “Be careful not to touch the wall, there's a brand-new coat of paint.” This odd line refers to the fact that she has a new life and a changed appearance, including her new hair color.

Some versions of this song include Dylan’s lyrics: Lily's arms were locked around the man that she dearly loved to touch, She forgot all about the man she couldn't stand who hounded her so much. "I've missed you so," she said to him, and he felt she was sincere, But just beyond the door he felt jealousy and fear. Just another night in the life of the Jack of Hearts.

This addition makes it clear that Lily has had a past affair with the Jack, has missed him, and is holding him when Jim opens the door with his revolver in hand. Rosemary’s backstory is that she hates her husband, has already considered suicide, and is primed to do one last good deed before she dies. She also is attracted to the Jack of Hearts. When the door opens, “. . . Big Jim was standin' there . . . Rosemary right beside him, steady in her eyes. She was with Big Jim but she was leanin' to the Jack of Hearts.” She suddenly switches sides and kills her husband with a penknife before he can shoot the Jack.

The song ends with Big Jim in the morgue, Rosemary being hung for his murder and Lily washing the dye out of her hair, thus changing back to her natural appearance, and apparently preparing to reinvent herself again. Where is the Jack? We are told that “The only person on the scene missin' was the Jack of Hearts.” Significantly, Big Jim is not described as missing. We are told that “Big Jim lay covered up, killed by a penknife in the back.” Since the Jack is not laying dead somewhere in town, presumably he and his gang have gotten away with the money, leaving Lily on her own, Jim dead, and Rosemary about to hang.

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