One child (the pirate) stands in the middle of the circle of children with eyes closed.
The children chant:
Pirate, Pirate where's your gold?
Somebody stole it from your hold.
Guess who? Maybe you!
Maybe a parrot from Kalamazoo
Now then Pirate find your gold!
While they are chanting the leader hands a piece of "gold" (a large coin would work) to one of the children. All the kids put their hands behind their backs and then the pirate opens his eyes. He guesses who has the gold (you can either give three guesses and then he has to be pirate again if he guesses wrong or you can let them guess until they succeed). The person who had the gold becomes the new pirate.