For me, still he is a legend and forever will sound great. Full respect for him for giving us great songs that we can enjoy.

In Penny Lane there is a barber showing photographs
Of every head he’s had the pleasure to know
And all the people that come and go
Stop and say hello

On the corner is a banker with a motorcar
The little children laugh at him behind his back
And the banker never wears a mac
In the pouring rain…
Very strange

Penny Lane is in my ears and in my eyes
There beneath the blue suburban skies
I sit, and meanwhile back

In Penny Lane there is a fireman with an hourglass
And in his pocket is a portrait of the Queen.
He likes to keep his fire engine clean
It’s a clean machine

Penny Lane is in my ears and in my eyes
Four of fish and finger pies
In summer, meanwhile back

Behind the shelter in the middle of the roundabout
A pretty nurse is selling poppies from a tray
And though she feels as if she’s in a play
She is anyway

In Penny Lane the barber shaves another customer
We see the banker sitting waiting for a trim
Then the fireman rushes in
From the pouring rain…
Very strange

Penny Lane is in my ears and in my eyes
There beneath the blue suburban skies
I sit, and meanwhile back
Penny Lane is in my ears and in my eyes
There beneath the blue suburban skies…
Penny Lane.

McCartney and Lennon grew up in the area and they would meet at Penny Lane junction to catch a bus into the centre of the city. The street is an important landmark, sought out by most Beatles fans touring Liverpool. In the past, street signs saying “Penny Lane” were constant targets of tourist theft and had to be continually replaced. Eventually, city officials gave up and simply began painting the street name on the sides of buildings. This practice was stopped in 2007 and more theft-resistant “Penny Lane” street signs have since been installed though some are still stolen. The Abbey Road sign is also frequently stolen for the same reason (see Street sign theft).

Beatles producer George Martin has stated he believes the pairing of “Penny Lane” with “Strawberry Fields Forever” resulted in probably the greatest single ever released by the group. Both songs were later released on the US Magical Mystery Tour album in November 1967. In the UK, the pairing famously failed to reach #1 in the singles charts, stalling one place below Engelbert Humperdinck‘s “Release Me”.^[1] In the US The song reached #1 on the Billboard Hot 100 for a week before being knocked off by The Turtles song “Happy Together“. The song features contrasting verse-chorus form and was credited “Lennon-McCartney“, although McCartney was the main contributor to the song. ^[2] 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.

Following the success of the double A-side “Yellow Submarine”/”Eleanor Rigby”, Brian Epstein inquired if they had any new material available. Both songs, though recorded during the sessions for Sgt. Pepper’s Lonely Hearts Club Band, were left off the album — a decision George Martin regretted ^[3], although the Beatles usually did not include songs released as singles on their British albums. This was also the first single by the Beatles to be sold with a picture sleeve in the UK, a practice rarely used there at that time. However, packaging singles in individually designed sleeves was standard in the US and various other countries (such as Japan).

More on: http://en.wikipedia.org/wiki/Penny_Lane