A penny loafer is a type of slip-on shoe characterized by a strap or band across the front, known as a saddle, with a diamond-shaped slot or slit. The name "penny loafer" originated from the practice of placing a penny in the slot as a decorative accent. This classic style of shoe typically features a low heel, a moccasin-like construction, and a stitched apron toe. Penny loafers are known for their timeless appeal and versatility, making them suitable for both casual and semi-formal occasions. They are often made from high-quality leather and are popular for their comfort, ease of wear, and iconic preppy style.