Penny-loafer meaning

A low leather, laceless, step-in shoe having a slitted strap in front in which a coin or other ornament can be inserted.
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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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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.

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