Penny loafers, also known as slip-on loafers, are a classic shoe style that has been popular for decades. These shoes feature a slip-on design, a flat sole, and a strap on the vamp that can fit a penny. While penny loafers are a timeless shoe, there are other names for this style that might interest you. Some other synonyms for penny loafers include slip-on shoes, moccasins, boat shoes, driving shoes, and casual loafers. Each of these synonyms has a unique style and design, but they all share the same easy, comfortable, and stylish qualities of penny loafers.