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Who or what was Penny Lane, from the similarly named Beatles song?

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Who or what was Penny Lane, from the similarly named Beatles song?

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Penny Lane is an actual street in Liverpool, but it also is the name of the area that surrounds it’s junction with Smithtown Road. Although it’s merely a nondescript shopping area, John and Paul grew up here and spent many years in the neighborhood. In this song by Paul, it symbolizes the childhood innocence of days gone by, when everyone was friendly. John Lennon first thought of Penny Lane and was the first to refer to it in a song with “In My Life,” but it was McCartney that made it work as a song of its own. Today, Penny Lane and the area are a part of The Beatles Liverpool tour. Unfortunately, the songs’ success changed many of the original features of the area. All the original street signs were stolen, so that replacement signs were tightly screwed down, and placed in very high locations. The barber shop referred to has been changed to a unisex salon with a picture of The Beatles in the window, and the shelter on the round-about is now a Sgt. Pepper’s Bistro.

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