Penny, plain and tassel: the detail on the vamp names the type.
A loafer is a low, laceless slip-on shoe, usually leather or suede, with a flat heel and no fastenings. The main types are penny, tassel, horsebit, kiltie, Belgian and driving, and they share that base while differing in the detail on the vamp. Sources give different dates for several of them.
Most guides state one date per type as settled fact. This page shows the dates each source actually gives, marks where they contradict each other, and maps the two Bespoke Western loafers to a type from their live product pages, checked on 2026-10-02.
What makes a shoe a loafer?
A loafer slips on: it is laceless and closure-free, with a low cut, a flat heel and a thin leather sole. Hockerty, a custom shoe maker, describes it as a slip-on usually built in leather or suede that the foot slides in and out of easily. Wikipedia adds that the common loafer has moccasin construction.
Boat shoes are a different shoe. Articles of Style, a menswear retailer's blog, describes them as canvas or leather with non-marking rubber soles designed for use on a boat, and dates the modern version to Paul Sperry in 1935.
What are the main types of loafers?
The sources describe six: penny, tassel, horsebit, kiltie, Belgian and driving. The table gives each one's defining detail and the date each source offers. Where sources disagree, both dates appear.
| Type | Defining detail | Date given | Source |
|---|---|---|---|
| Penny | Leather saddle strap across the upper with a cutout big enough for a penny | 1936 (table); 1934 (article text) | Wikipedia; G.H. Bass dates its own to 1936 |
| Tassel | Tassels held in place by a leather strand | 1957 (table); "the 1950s" (article text) | Wikipedia; Hockerty credits Alden |
| Horsebit | Metal link across the vamp shaped like a horse's snaffle bit | 1953 (table); 1966 (article text and Articles of Style); 1950s trip (Hockerty) | Wikipedia; Articles of Style; Hockerty |
| Kiltie | Kilt-style flap over the vamp, secured by leather string or tassels | 1950s | Wikipedia |
| Belgian | Small bow on top, sewn inside out for a fine seam | 1954 | Wikipedia |
| Driving | Flat sole with rubber grommets instead of a heel, in soft leather or suede | No date given | Articles of Style |
Wikipedia's own table and body text disagree on the penny and horsebit dates, which is why the cells above show two. Treat any single year you read for these as one source's view.
Where did loafers come from?
Wikipedia traces loafers to an English house shoe and a Norwegian moccasin-style shoe, and calls the English one the first loafer. Wikipedia calls the Wildsmith Loafer, made for King George VI as a casual house shoe, the first loafer, and dates it to 1926 in its table. The same article says Aurland shoemaker Nils Gregoriusson Tveranger introduced his first design around 1908 and a moccasin design around 1930, which resembles the moccasins worn by the Iroquois.
American makers then borrowed the Norwegian shoe. G.H. Bass of Wilton, Maine sold it as the Weejun, a name Wikipedia says sounds like "Norwegians". Bass's own anniversary page dates its first penny loafer to 1936. Wikipedia's text says 1934 and its table says 1936.
Why are they called penny loafers?
The sources leave the answer open. Articles of Style says the tradition of carrying coins in the shoe has uncertain beginnings, and Wikipedia calls the term's origin uncertain too. Two theories circulate: 1950s prep school students slipped a penny into the slit, or two pennies paid for an emergency phone call in the 1930s.
The sources even describe the slot differently. Articles of Style and Wikipedia describe a diamond-shaped cutout, and Hockerty describes a strap across the vamp with a small centre opening. All three describe a slit or opening on the front of the shoe that is sized to hold a coin.
Are loafers formal or casual?
Loafers are casual by default and dress up with the right material. Wikipedia says the loafer is widely used as a casual shoe for work and leisure in the United States and Italy, while lace-ups remain preferred for more formal situations. It adds that lower-cut slip-ons moved from purely casual use to pairing with suits in the 1960s, but only in America.
Hockerty says black leather penny or tassel loafers suit a black, charcoal or navy two-piece suit, and that formal events call for patent leather with formal dress socks. Articles of Style describes a formal loafer as black patent with a low vamp. For sock lengths, read our guide to wearing socks with loafers.
Which Bespoke Western loafers are which type?
The Broker is a penny loafer and The Banker is a clean slip-on leather loafer, with no tassels or loud hardware, according to their product pages. Both are handcrafted in León, Mexico by generational artisans, both list a leather lining, and both fit true to size. On 2026-10-02 the house loafer range was the Broker, in five colors, and the Banker; each product page shows current sizes.
| Loafer | Type | Upper | Colors listed on 2026-10-02 |
|---|---|---|---|
| The Broker | Penny loafer | Suede | Dune, ginger, Italian navy, Italian olive, Italian fawn |
| The Banker | Clean slip-on loafer | Water buffalo leather | Obsidian |
Pick the Broker if you want the classic penny shape in suede; its pages name denim, chinos, linen and relaxed tailoring. Pick the Banker if you want deep black leather for tailored trousers or dark denim. The house loafer range has no tassel, horsebit, kiltie, Belgian or driving style. Suede needs its own routine, covered in the suede cleaning guide and explained in what suede is.
Quick answers
What is the purpose of loafers?
They are easy-on, easy-off casual shoes. The earliest one Wikipedia names, the Wildsmith Loafer, was a house shoe, and Hockerty stresses how easily a foot slips in and out.
Is a loafer the same as a moccasin?
They are related. Wikipedia says the common loafer has moccasin construction, and the Norwegian Aurland design it traces to resembles Iroquois moccasins.
Can women wear loafers?
Yes. Wikipedia says loafers began as men's shoes and that styles such as casual tassel and penny loafers are also worn by women.
Do loafers need breaking in?
The Broker and Banker pages both say the shoe is comfortable out of the box and softens naturally with wear. Neither page gives a break-in period.
What is a driving loafer?
A flat-soled slip-on with rubber grommets, made for driving rather than walking, per Articles of Style.
How do I clean and shine leather loafers?
Brush first, then clean by the leather's finish. Our leather shoe cleaning guide compares what makers allow, and the polishing guide covers the shine.
Bottom line
A loafer is a laceless, low slip-on, and the type comes from the detail on the vamp. Dates for the penny, tassel and horsebit styles vary by source, so no single year is settled. The Broker is the house penny loafer, and the Banker is its plain leather option.
Where to go next
- The Broker in dune suede
- Loafers and shoes
- Loafers with socks: which length to wear
- How to clean suede shoes
- How to clean leather shoes
Sources: Wikipedia, "Slip-on shoe"; Hockerty, "What are loafers and which type should you wear"; Articles of Style, "A Guide to Men's Loafers"; G.H. Bass, "Celebrating 85 Years of The Original Penny Loafer"; Bespoke Western product pages for The Broker and The Banker, checked 2026-10-02.
