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Penny Loafer

A penny loafer is a style of loafer with a slit over the instep meant for the insertion of a copper penny symbolizing good luck. Penny loafers can be worn with or without the penny and the term really points to the slit rather than what is in it. People have been known to put nickels in penny loafers, as an example.

Penny loafer shoes are leather step-in shoes made without laces or buckles. They are known as being a semi-dressy shoe but can be made to be more casual when worn with jeans. Penny loafers can be worn by men and women and arrived as a part of the shoe industry in the 1930s. It wasn't until the 1980s that penny loafers became associated with the preppy look as they are today. Penny loafers worn without socks and with jeans and a blazer are considered by fashion experts to be a classic, dressy look for men. Women can also wear penny loafers with or without socks, although they are typically worn with knee-high socks. This look originally became popular due to schoolgirls, who wore penny loafers with their short uniform skirts and high socks to keep their legs warm.