"Penny Lane" is a song by the Beatles. It was written primarily by Paul McCartney but credited to the Lennon–McCartney songwriting partnership. The lyrics refer to a real street in Liverpool, England.

Recorded during the Sgt. Pepper sessions, "Penny Lane" was released in February 1967 as one side of a double A-sided single, along with "Strawberry Fields Forever". The single was the result of the record company wanting a new release after several months of no new Beatles releases. Although the song did not top the charts in Britain, it was still a top ten hit across Europe. The song was later included on the band's US album, Magical Mystery Tour, despite not appearing on the British double EP of the same name.

In 2004, Rolling Stone ranked "Penny Lane" at number 456 on its list of the 500 Greatest Songs of All Time.

'Penny Lane' was kind of nostalgic, but it was really a place that John and I knew; it was actually a bus terminus. I’d get a bus to his house and I’d have to change at Penny Lane, or the same with him to me, so we often hung out at that terminus, like a roundabout. It was a place that we both knew, and so we both knew the things that turned up in the story.

The song's title is derived from the name of a street near Lennon's childhood home for his first five years (9 Newcastle Road, just off Church Road), in the band's hometown, Liverpool, England. McCartney and Lennon would meet at Penny Lane junction to catch a bus into the centre of the city. During the 1960s, this was a significant bus terminus for several routes, and buses with "Penny Lane" displayed were common throughout Liverpool. The name Penny Lane is also used for the area that surrounds its junction with Smithdown Road, Smithdown Place (where the terminus was located) and Allerton Road, including a busy shopping area.

...
Wikipedia