Why did penny loafers used to have a real penny tucked in them?

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With its iconic strap and slot across the front, the timeless shoe evokes preppy style But where exactly does the name “penny loafer” come from

Penny loafers; Black; Suede upper; Slot straps; Stitched vamps; Pull tabs; Panel gripped soles Upper: Leather Inner: Leather & Textile Sole: Synthetic WHY DO PENNY LOAFERS HAVE A SLOT FOR A COIN? This video will give you a

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