What is the origin of the slot on 'penny' loafers? Was it there

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Saint Laurent £ Penny Loafers from Le Monde Béryl x Relove · Flag this item · Penny Loafers · Le Monde Béryl x Relove £240 more from  Brown leathersuede penny slot loafers from CANALI featuring almond toe, penny slot, slip-on style, branded insole and flat sole

if you won a million lottery jackpot The penny loafer originated in the 1930s, inspired by the light, slip-on shoes worn by Norwegian farmers Popular with both men and women, black, calf leather, tonal logo plaque, penny slot, gold-tone stud detailing, almond toe, slip-on style, branded insole, flat sole