- 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.
penny loafer definition by Webster's New World
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