My older brother in high school (the '60s) had penny loafers, but the “cool kids” in his class put tinfoil on the pennies to make them silver. Don’t ask me why they simply didn’t put in a nickel or dime.
Also during this time, guys had shirts with little loops on the back…called Fruit Loops, and if it was ripped off, they had a girlfriend and if it wasn’t, they were single. Again, don’t ask me why. I am just offering another inance anthropological high school tidbit from the 60’s.
Oh, and I seem to recall there was also some significance if the penny was heads up or tails up in the shoe, but…well, must have fogotten that important fact.