Skjǫldr was born in 511 F.S. (Fyrr Skjǫldrinn or Before Skjǫldrinn), or 237 on the Abrahamic/Gregorian calendar. He is the legendary ancestor of the Dynasty of Skjǫldungs and the first kings of Denmark, including Hroðgar, son of Halfdan Fróðasson. Skjǫldr is the ancestor as well, naturally, of the Danish House of Knýtlinga, and thus, Raskúlfr hinn Daninn Þórisbróðir here.
Back then, the Danes were going through difficult times, including misery and poverty, and with no leadership. They spotted a ship with no crew, no paddles, no sail, moving towards the coast. Upon boarding the ship, the Danes found a young boy sleeping with his head on a corn cob, and surrounded by weapons. The Danes, believing it was a sign from the gods, took the boy to their hall, placed him on the sacred stone and declared him King of Denmark.
Skjǫldr, a Blendingr (hybrid) would later become a renowned generous and efficient king, respected in Denmark and beyond. He was known for restraining and holding a brown bear with his belt in the forest, or for killing Jötnar. Upon his death, and as per his wishes, he was placed on a ship, among many weapons and a lot of gold, never to be seen again.
Different versions of Skjǫldr’s story, none with commonalities, are mentioned in the Prose Edda, in Ynglinga saga, in Chronicon Lethrense, in Sven Aggesen's history, in Arngrímur Jónsson's Latin abstract of the lost Skjöldunga saga and in Saxo Grammaticus' Gesta Danorum. He also appears in the Old English poem Beowulf under the name Scyld:
Scyld the Sheaf-Child from scourging foemen,
From raiders a-many their mead-halls wrested.
He lives to be feared, the first has a waif,
Puny and frail he was found on the shore.
He grew to be great, and was girt with power
Till the border-tribes all obeyed his rule,
And sea-folk hardy that sit by the whale-path
Gave him tribute, a good king was he.
After relating in general terms the glories of Scyld's reign, the poet describes Scyld's funeral, his body was laid in a ship surrounded by treasures:
They decked his body no less bountifully
with offerings than those first ones did
who cast him away when he was a child
and launched him alone out over the waves.
In the (mistranslated) Skjöldunga saga and the Ynglinga saga, Óðinn is claimed to have come from Scythia and to then have conquered Northern Europe. He allegedly gave Sweden to his son Yngvi and Denmark to his son Skjǫldr. Since then, the kings of Sweden were called Ynglings and those of Denmark Skjǫldungs.