Farmers, or royal guards? (6)
I believe the answer is:
yeomen
This clue is a double definition.
'farmers' is the first definition.
(I have seen 'farmers of old' mean 'yeomen' so perhaps 'farmers' could also mean 'yeomen')
'royal guards?' is the second definition.
(I've seen this in another clue)
'or' acts as a link.
(Other definitions for yeomen that I've seen before include "naval signallers" , "farmers of old" , "Freeholders (hist.)" , "... of the Guard (Gilbert and Sullivan)" , "Small farmers (historical)" .)