"Bass introduced the first penny loafer in 1936, naming it the “Weejun” after its Norwegian origin. The style quickly became an American classic. Penny loafers evolved into a symbol of “cool” in the 1950’s and 60’s, and celebrities like James Dean were spotted wearing them. They were again elevated to a must-have in the 1980s, worn with white socks, during a resurgence of the preppy trend."
"The mouth opening soon was used to hold an ornamentation (e.g. a penny), and thus penny loafers became a style. Penny loafers often held a dime instead of a penny. If a girl’s date got out of line she could call home on a pay phone–which accepted dimes during most of the fifties and sixties."
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