penny loafer

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.

(noun)

The Weejun shoe by the Bass shoe company is an example of a penny loafer.

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See penny loafer in Webster's New World College Dictionary

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
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