Reception
Time said "Grant and Dunne cannot overcome the ten-little-fingers-and-ten-little-toes plot. Written by scripter Morrie Ryskind, produced and directed by George Stevens (Alice Adams), it is too often a moving picture which does not move. Skillful direction saves it from turning maudlin." Bosley Crowther, in a somewhat ambivalent review, concludes "some very credible acting on the part of Mr. Grant and Miss Dunne is responsible in the main for the infectious quality of the film. Edgar Buchanan, too, gives an excellent performance as a good-old-Charlie friend, and Beulah Bondi is sensible as an orphanage matron. Heart-warming is the word for both of them. As a matter of fact, the whole picture deliberately cozies up to the heart. Noël Coward once drily observed how extraordinarily potent cheap music is. That is certainly true of Penny Serenade.
Grant was nominated for the Academy Award for Best Actor, losing at the 14th Academy Awards to Gary Cooper's portrayal of Sergeant York.
On the film review website Rotten Tomatoes, Penny Serenade receives a "Fresh" rating with 93% (15 of 16) of its T-meter critics reviewed the film positively.
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