Tom Traubert's Blues (Four Sheets to the Wind in Copenhagen)

Bones Howe produced the song, which opens Small Change and was recorded in July 1976. Its subject is a man stranded and broke in a foreign land who spends what he has on drink. Waits said the character was a friend of a friend who died in prison. The subtitle comes from a June 1976 tour stop in Copenhagen, where the Danish violinist Mathilde Bondo showed him the city, and the chorus borrows Waltzing Matilda. At a 1979 concert in Sydney he introduced it as being about throwing up in a foreign country. Howe later gave a different source, Waits's time on Skid Row in Los Angeles.

Rod Stewart released a version called Tom Traubert's Blues (Waltzing Matilda) on 23 November 1992. It reached number 6 in the UK, 4 in Ireland and 3 in the Netherlands, and later appeared on his albums Lead Vocalist and Unplugged...and Seated in 1993.