Penny loafers are a type of slip-on shoe characterized by their low heel and moccasin-like design. They typically feature a leather or suede upper and a distinctive strap across the top, which often has a small cutout where a penny can be placed. This style originated in the 1930s and became popular among both men and women. Originally designed for casual wear, penny loafers are now considered versatile footwear suitable for various occasions. They can be paired with both formal and casual outfits, making them a staple in many wardrobes. The shoes are often associated with preppy fashion and are commonly worn in academic settings.