The slot on penny loafers, often referred to as a “penny keeper” or “saddle strap,” wasn’t originally designed for holding a coin.
- Decorative Feature: Initially, the strap was a purely decorative element, added to the loafer’s design to distinguish it and provide a point of interest.
- Emergence of the Penny Trend: In the mid-20th century, particularly among Ivy League students in the United States, a trend emerged of inserting a penny into this slot.
- Reasons for the Trend: While a charming anecdote suggests this was to have a ready coin for payphone calls, it’s more likely that the penny placement was a playful way to personalize the shoes, add a unique touch, or potentially even signify good luck or a reminder of the value of money. Note: Payphones at the time generally cost more than a penny, according to Back Then History.
- Enduring Legacy: The habit of placing pennies in the slot became so ingrained that the shoes eventually became known as “penny loafers,” even though the original function of the strap was not coin storage.
Today, with the decline of payphones and the rise of other communication methods, the practical purpose of the penny slot is largely diminished. However, the “penny loafer” remains a classic and versatile shoe style that continues to be popular, worn with or without a penny. Some individuals choose to place pennies in the slots as a nod to tradition or as a personal fashion statement.
Why do penny loafers have a penny slot?
Back in the 1930’s, the loafer design allowed just enough space for a penny in each shoe – the perfect hiding spot for a little pay phone change in the age before mobile phones. Later on, when payphones exceeded the amount you could hold in your shoe, silver coinage was still added to the shoe as a statement.
Do people still put coins in penny loafers?
Of course, even if they are retired, there are more than enough pennies in existence for the tradition of slotting them inside loafers to continue. And the type of loafer associated with the coin — a style that has been produced by classic American companies like G.H.
What is the story behind penny loafers?
Legend has it the penny loafer got its name when Ivy League students began tucking a coin for the payphone in the front slot of their Weejuns. Now it’s your turn. Click here to shop the new season collection.