The retailer, which originated as a Victorian market stall, went back to its roots by launching Penny Bazaars at its 300 largest stores yesterday to celebrate its 125th anniversary.
Shoppers who arrived early could select a maximum of five items for a penny each including cuff links, mugs, leopard print knickers, purses and scarves.
On average 60 items per second were sold and 174 stores sold out of all of their 1p products within an hour.
Many people started queuing as early as five in the morning outside M&S's flagship store in Marble Arch, London.
Thousands of shoppers left with bargains but thousands more found that the only products left on offer were cans of fizzy drinks or boiled sweets.
It was the first day of the store's three-day 125th anniversary celebration, which has also been marked with a taking a journey back in time to 1884 when M&S first opened.
The retailer is re-stocking all of its stores with more penny bazaar items today and tomorrow.
In total it has 2m items on offer for 1p and all money raised from their sale will go to local charities.
Sir Stuart Rose, M&S chairman, said: "M&S has been at the heart of Britain for 125 years and we believe that this is something worth celebrating.
"It has been a tough year for us all but people are fed up with being fed up and we wanted to give our customers a real treat."