Penny loafers are touted as the most versatile type. Featuring a leather strip across the saddle with a diamond cut-out, they are more closely related to moccasins and as formal as Belgian loafers. Historically, in 1936, the Bass Shoe Co. created a style combination between the moccasin-type shoes worn by Norwegian fishermen and the Native Americans. They named it ‘Weejun’, a coined word for ‘Norwegian’. Years later, weejuns became known as ‘penny loafers’ after young men began keeping a penny in every cut-out of the shoe in case of emergencies.