This movie is based on and quotes from Tennyson's poem of the same title. Leofric, Earl of Mercia, keeps raising taxes, even as his countess, Godiva, donates the money back to local charities. Finally, there comes a tax which will mean people can't eat. When Godiva asks Leofric not to impose the tax, he tells her he won't if she will ride naked through Coventry. All the townspeople agree not to look, except for Peeping Tom, who is blinded for his impiety or lack of respect -- nothing much happens to Leofric, who imposes the condition, or the horn-helmeted soldiers he must tax the people to pay.
Although this movie is shot in Coventry to take advantage of older sites and make it look better, this is fairly primitive, with an old-fashioned "illustrated text" style of editing. Also, the reason anyone would want to see this movie is the promise that Gladys Jennings, who looks good in her clothes, will be naked on her horse. Unfortunately, she seems to be adorned with preternaturally long hair, which gives her better coverage that a swim suit. She does display a lot of thigh.