It’s official: The penny is being phased out. After 232 years, it’s literally being discontinued. It hardly matters that pennies cost three times their face value to produce, or that few of us still carry them in our wallets—deep down, they’ll always belong in the slot of a classic loafer, even after they vanish from circulation.
Vogue’s Favorite Penny Loafers
The Original Icon
G.H. Bass Weejuns penny loafers
$175 at NORDSTROM
The Under-$300 Find
Banana Republic penny loafers
$240 at BANANA REPUBLIC
The Suede Style
Veronica Beard penny loafers
$395 at NORDSTROM
The penny loafer has been a staple of American style since the 1930s, when G.H. Bass introduced the “Weejun,” a Scandinavian-inspired slip-on with a small slot perfectly sized for a coin. Students tucked pennies inside for good luck, and a cultural icon was born. Over time, penny loafers came to represent everything from Ivy League fashion to ’90s minimalism.
Nearly a century later, the shoe’s appeal is stronger than ever. The best loafers for women are versatile wardrobe essentials: timeless, gender-neutral, and endlessly adaptable. Fashion insiders pair them with wide-leg trousers and oversized knits; celebrities wear them year-round with jeans and sweaters, while preppy styles still favor classic black or oxblood pairs that go with anything.
Part of the loafer’s charm is its versatility. It can look sharp and academic or effortlessly cool, polished enough for the office yet relaxed enough for weekend wear. The best penny loafers for women anchor everything from tailored outfits and dresses to stiff denim and layered looks.
If the penny’s retirement leaves you feeling nostalgic or even a bit shortchanged, let it be your reason to revisit the timeless style it helped popularize. You may have to find luck elsewhere, but when it comes to penny loafers, the ones below are worth every penny.
In for a Penny, in for a Pound
The classic penny loafer pairs perfectly with staples like a bomber jacket, jeans, and button-down shirts.
– Saint Laurent bomber jacket, $700
– Alex Mill Jo shirt, $195
– Levi’s 501 ’90s jeans, $98
– Uniqlo Heattech scarf, $25
– Elisa Johnson Jane metal sunglasses, $145
– Burberry leather cadet loafers, $920
A Pretty Penny
For a playful yet sophisticated take on the schoolgirl aesthetic, try a mid-calf pleated skirt with Miu Miu’s heeled loafers. A suede jacket and turtleneck transition the look into fall.
– Banana Republic heritage suede jacket, $598
– Everlane The Cloud turtleneck, $188
– Gabriela Hearst Wesley midi skirt, $1,350
– Miu Miu penny loafers, $1,220
– Coach Hamptons hobo bag, $295
– Éternel rib socks, $21
See a Penny, Pick it Up
A timeless, preppy-inspired outfit: mix tailored separates with a plaid button-up and black leather penny loafers.
– The Row Eudora blazer, $3,100
– Cos flannel shirt, $149
– The Row Virgil wide-leg pants, $1,350
– G.H. Bass Weejuns penny loafers, $175
– Ana Luisa Eden hoops, $65
– Anderson’s textured-leather belt, $270
A Penny for Your Thoughts
Rich burgundy loafers complement cozy, textured pieces like a knit dress, chunky socks, and a luxurious camel coat.
– Totême draped coat, $1,490
– The Elder Statesman Tranquility maxi dress, $1,795
– Uniqlo Heattech slouchy socks, $8
– Mansur Gavriel penny loafers, $545
– Sophie Buhai droplet earrings, $475
– Métier Chameleon 41 tote, $2,650
When the Penny Drops
Blend a touch of collegiate style with casual separates—track pants, a hoodie, and a cap—for a balanced high-low look.
– Burberry Fitzrovia trench coat, $3,150
– Acne Studios printed hoodie, $620
– Wales Bonner Mantra track pants, $690
– Prada colorblock loafers, $1,220
– Nike unstructured hat, $25
– J.Crew trouser socks, $60
Shop more penny loafers:
– Loewe Campo penny loafers, $1,400
– Sesa New York loafers, $345
– Margaux The Marlowe loafers, $385
– Zara soft ruched loafers, $60
– Jamie HallTory Burch Heeled Lug Loafers – $450 at Shopbop
Madewell Porto Penny Loafers – $178 at Shopbop
FrÄda Salvador Elba Loafers – $378 at Shopbop
J.Crew Winona Penny Loafers – $228 at J.Crew
Church’s Pembrey Loafers – $1,100 at Net-a-Porter
Veronica Beard Penny Loafers – $395 at Nordstrom
Banana Republic Penny Loafers – $240 at Banana Republic
Frequently Asked Questions
Of course Here is a list of helpful and clear FAQs about the topic
FAQs The Penny vs The Penny Loafer
Beginner Questions
1 What does Its time to say goodbye to the penny mean
This refers to the ongoing debate about phasing out the onecent coin from circulation due to its low purchasing power and the high cost of producing it
2 What is a penny loafer
A penny loafer is a classic style of slipon shoe often made of leather known for the distinctive strap across the top Its a timeless piece of footwear
3 Why are they called penny loafers
Back in the mid20th century students would often slip a single penny into the slot of the leather strap This was originally meant to be for a payphone call in an emergency but it became a popular fashion trend
4 Is the US really getting rid of the penny
Not officially at least not yet Its a topic of discussion among economists and politicians but there are no immediate plans to eliminate it Some countries like Canada have already done so
Benefits Style
5 What are the benefits of phasing out the penny
Proponents argue it would save money on production costs make cash transactions faster by rounding to the nearest nickel and reduce the hassle of carrying heavy lowvalue coins
6 Why is the penny loafer considered a fashion staple
Its incredibly versatile You can dress it up with chinos and a blazer or dress it down with jeans Its classic design never goes out of style making it a great longterm investment for your wardrobe
7 What should I look for when buying my first pair of penny loafers
Focus on quality leather and a comfortable fit They should be snug but not tight as good leather will stretch and mold to your foot over time
Common Problems Practical Tips
8 Whats a common problem with phasing out the penny
The biggest concern is that businesses might round prices up leading to a slight increase in the cost of living over time a phenomenon often called inflationary rounding
9 My penny loafers are stiff and uncomfortable What can I do
This is common with new highquality leather shoes