The penny-loafer is a slip-on style shoe usually with moccasin construction and a slit over the instep where a penny traditionally was placed for good luck. They first appeared in the 1930s, and were made of leather and only worn in formal situations.
Loafers are worn by both men and women, but historically more often by men. Men wore them without socks in the ’60s, a fashion trend that started on campuses where male students didn’t wear socks, even in the wintertime. Nowadays it is a classic to wear sockless loafers with jeans, chinos, and a blazer for a dressier look. Women are wearing the penny-loafer in heeled variations for a sophisticated and feminine look.
Fun fact: A particular type of penny-loafer, the “tasseled loafer”, is has been stereotypically associated with attorneys.
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