- The definition of a penny loafer is a shoe with a band across the foot with a center cut-out where a penny could be put inside.
The Weejun shoe by the Bass shoe company is an example of a penny loafer.
A pair of penny loafers.
a loafer having a narrow band, sewn over the vamp, traditionally with a decorative slot in the center into which a penny may be inserted
A low leather, laceless, step-in shoe having a slitted strap in front in which a coin or other ornament can be inserted.