This promotional film for "Penny Lane" was, along with The Beatles: Strawberry Fields Forever (1967), one of the first examples of what later became known as a music video.
The lyrics refer to Penny Lane, a street in Liverpool, and make mention of the sights and characters that McCartney recalled from his upbringing in the city.
In 2004, Rolling Stone ranked "Penny Lane" at number 456 on its list of the 500 Greatest Songs of All Time.
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.
According to Barry Miles, the fireman and fire engine referred to in the lyrics are based upon the fire station at Mather Avenue, which is "about half a mile down the road" from Penny Lane.