" The song' s title is derived from the name of a street in the band' s hometown, Liverpool. The area that surrounds its junction with Smithdown Road is also commonly called Penny Lane. Locally the term " Penny Lane" was the name given to Allerton Road and Smithdown Road and its busy shopping area. Penny Lane is named after James Penny, an 18th century slave trader."
" The song' s title is derived from the name of a street in the band' s hometown, Liverpool. The area that surrounds its junction with Smithdown Road is also commonly called Penny Lane. Locally the term " Penny Lane" was the name given to Allerton Road and Smithdown Road and its busy shopping area. Penny Lane is named after James Penny, an 18th century slave trader."
http: //en. wikipedia. org/wiki/Penny_lane