An earlier cinematic interpretation of Banjo Paterson's poem was filmed in 1920, directed by Beaumont Smith. It is considered a 'lost' film though the NFSA does hold several still images from the film.

As with the 1982 film, this version also introduced a romantic plot that doesn't exist in the poem. Country boy Jim Conroy (played by Cyril Mackay) is living a wasted life in the city with Helen Ross (Hedda Barr). Helen dumps him when his father cuts him off.

Jim returns to the bush and falls in love with Kitty Carewe (Stella Southern). After several adventures, including the recapturing of the 'colt from old Regret' (renamed Swagman), Jim marries Kitty.