Cryptic crossword clue
Monarch for a day prancing about 8

The most common and most likely answer to this crossword clue is the 8 letter word FRISKING

I've seen this crossword clue in The Times
F
R
I
S
K
I
N
G

Buddy explains!

The straight part
We know that "prancing about" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case prancing about = frisking.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does FRISKING mean?

FRISKING verb
  1. To frolic, gambol, skip, dance, leap.
  2. To search somebody by feeling his or her body and clothing.
FRISKING noun
  1. The action or motion of one who frisks; a gambol.

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