The iconic loafer is said to have originated in the US in the 1930s. Originally made to be worn indoors, they were designed with a distinctive strip of leather across the saddle with a diamond cutout for comfort and durability.
At first Penny Loafers were called Weejuns, hailing from "Norwegians", as they were said to have been worn be Norwegian farmers in the dawn of the now classic loafers. Penny Loafers were made by legendary boot maker G.H.Bass. American students in the 50s started to insert a penny into the diamond slit, the name “penny loafers” stuck.