It's mostly just a mildly obfuscated way to write 49. It also happens to line up nicely with the index of the character being overwritten (index 1); ord('0') through ord('9') work likewise.
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I'm personally kind of shocked at how big strings are - the minimum size is 6 native words in size, corresponding to the following fields: refcount, type pointer, string length, string hash (precomputed), flags, and a wstr pointer which just seems to be NULL for most strings. It seems like they could have at least merged the string length and flags together for short strings - a possible subject for a future PEP...
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I'm personally kind of shocked at how big strings are - the minimum size is 6 native words in size, corresponding to the following fields: refcount, type pointer, string length, string hash (precomputed), flags, and a wstr pointer which just seems to be NULL for most strings. It seems like they could have at least merged the string length and flags together for short strings - a possible subject for a future PEP...