The song title 'Penny Lane' is derived from the name of a street near John Lennon's house, in the Beetle's hometown, Liverpool. McCartney and Lennon would meet at Penny Lane junction in the Mossley Hill area to catch a bus into the centre of the city. The area that surrounds its junction with Smithdown Road is also commonly called Penny Lane. In the 1960s, this was a significant bus terminus for several routes, and buses with "Penny Lane" displayed were common throughout Liverpool.
Strawberry Fields forever! Liverpool, England.