The term penny loafer has uncertain beginnings. One explanation is when American prep school students in the 1950s, wishing to make a fashion statement, took to inserting a penny into the diamond-shaped slit on their Weejuns. Another theory is that two pennies could be slipped into the slit, enough money to make an emergency phone call in the 1930s. This, however, is an urban legend, as pay phone calls in the USA have never been less than five cents, nor have the pay phones ever accepted pennies. Either way, the name "penny loafer" came to be applied to this style of slip-on and has since stuck. The practice continues, especially among those who remain committed to a classic and refined but still scholarly appearance, such as lawyers.