Why do people put pennies in shoes?

Back in the 1930s, the pay phone in the phone booth cost a paltry two cents. The new loafer design allowed just enough space for a penny in each shoe, equaling the cost of an emergency phone call.

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The penny loafer is a classic. It’s every boy’s first dress shoe (no laces), looks perfect beaten-up and broken down through your college days, and later is formal enough for the office. It’s a lifelong wardrobe staple and all in all just about the most versatile shoe you will ever slip on. But: why the penny?

Your Two Cents’ Worth

There was a time, before the debit card and ATM, when cash payment required the correct dollars and cents. That time is now long gone, and the copper penny (now 97.5% zinc) literally costs more than it’s worth. Back in the 1930s, the pay phone in the phone booth cost a paltry two cents. The new loafer design allowed just enough space for a penny in each shoe, equaling the cost of an emergency phone call. Thus, the penny and the loafer were united.

Everything Old Is New Again

The penny loafer had its heyday in the late 1950s and early ’60s. With socks, without socks, sometimes even with white tube socks and shorts, the penny loafer became a centerpiece of the newly solidifying post-war “Ivy Look.” By this time a phone call cost ten cents, some fiscally responsible young gentleman made the switch from pennies to dimes. But, as is often the case with the preppy set, some held onto the traditional penny, or maybe they never even noticed the change in price.

What Now?

The social zeitgeist surrounding the pay phone and the penny loafer has come to its technological end. The smart phone has all but eradicated the phone booth, but the shoe abides. The pennies are now worth only the nostalgia they call forth, or maybe a bit of luck, but the loafer itself has become a timeless American classic and, in our humble opinion, worth every penny.

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What penny is the rarest?

The 1943 copper-alloy cent is one of the most enigmatic coins in American numismatics — and reportedly the most valuable Lincoln penny of all.

content.time.com - Top 10 Things You Didn't Know About the Penny - TIME

The 1943 copper-alloy cent is one of the most enigmatic coins in American numismatics and reportedly the most valuable Lincoln penny of all. Just 40 of the coins probably created by accident, on copper-alloy one-cent blanks left in the presses in the wartime years when pennies were converted to steel are known to exist. The first 1943 copper cent was sold in 1958 for more than $40,000. In 1996, another went for a whopping $82,500. But those sales pale in comparison with the latest: this week, a dealer in New Jersey sold his 1943 penny for a staggering $1.7 million. Their collection value makes 1943 copper pennies a prime target for counterfeiters: fakes are often made by coating steel cents with copper or altering the dates of 1945, 1948 and 1949 cents. How can you tell if your 1943 copper penny is real? Use a magnet. If the penny sticks, it's not copper. Better luck next time.

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