The term cover version seems to have undergone a change of meaning between the early years of rock and roll - and now. In today's vernacular, a "cover band" or "cover group" simply means a group who do the songs of others - be they current hits or golden oldies. Back in the nineteen fifties, racial segregation was very much a part of the culture in the US - especially in the southern states.
The first release by The Diamonds was a cover version of The Cheers Black Denim Trousers
The Diamonds' cover of Nip Sip had a noticably different arrangement to the original.