One of the must-have items of the season is, apparently, the good ol’ penny loafer. I’m all for that: school season is knocking on your neighborhood’s door, and even if you’re not in or around a school at the moment, you must feel the buzz of books and the studious energy in the air. No? It must be me, ahem; still, you are probably seeing a preview of collegiate fashions by now. And if you indulge one of my pet peeves for just a second: I for one would LOVE to see young women sporting an elegant, well-made penny loafer rather than a flip-flop way into November, as I often see, and which is just….wrong.

Penny loafers were named as such because they could be decorated with a penny (or often, a dime). I didn’t realize there was actually an urban legend behind this:

In 1934 John R. Bass (a bootmaker in Wilton, Maine) started making loafers and called them Weejuns (meant to sound like Norwegian). These had a strap across the upper part of the vamp that was shaped like a pair of lips (said to be John’s wife, Alice Bass, kissing each shoe on its way out the door). The mouth opening soon was used to hold an ornament (such as a penny), and thus penny loafers became a style. Penny loafers often held a dime instead of a penny. (From Wikipedia).

Edited: Correction: Allison in comments points out that it was actually George Henry Bass (and not John R.). Thanks, Allison, for pointing out again why Wikipedia can’t be entirely trusted!

In the days of yore, the penny loafer was a low-heeled shoe through and through, with a strong masculine vibe (it makes sense, since it started off as a men’s shoe). These days the penny loafer, just like the oxford, has gone through a high-fashion transformation, and the New York Times’ T Magazine is eager to present these options to us:

Clockwise from top: Christian Louboutin shoe, $1,050 a pair. Go to christianlouboutin.com. Yves Saint Laurent shoe, $770. Go to ysl.com. Tod’s shoe, $545. Go to tods.com. Nine West shoe, $99. Go to ninewest.com. Cole Haan shoe, $275, and Anna Sheffield for Cole Haan coin, $45. Go to colehaan.com.

This style is a classic that’s been around for decades and is bound to stay in style for a long time; in theory at least, you can’t go wrong wearing a pair of well-made penny loafers. I do admit to having misgivings about the 3+ inch height of the models shown in T Magazine; but again, I also have misgivings about models that look so masculine I have no desire to wear them. Therefore, I have also scoured teh interwebs for more pleasant AND easier on the feet loafer-options and found a few. Behold:

From top to bottom:

Marc by Marc Jacobs patent loafers (available in other colors, too), $264 at Zappos.

Marc by Marc Jacobs high-heeled loafers (2 & 3/4″, also available in other colors), $354 at Zappos.

Kate Spade Lindsay loafer (also available in other colors), $199 at Zappos.

Givenchy gold calf loafer, on sale for $204 at Zappos.

Tory Burch Clayton Loafer (also in red), $275 at Nordstrom.

Celine tasseled low-heeled brogue, $460 at Yoox.

MariaCristina low-heeled loafers, $178 at Yoox.

L’Autre Chose tasseled loafer, $68 at Yoox (only one size left!)

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Truly, Madly, Deeply have I fallen for this shoe; raised blood pressure, heart all a-twitter and breathing harder than is seemly in polite company.

If I had any true poetic talent in my soul, I would compose an ode to this breathtaking beauty.

Alas, I must add this to my list of shoes loved, yet destined to be unrequited; $795 at Bergdorf Goodman, such an unplanned shoe crush makes me wish for a world without household budgetary constraints. Sigh.

May I introduce Stella McCartney’s Flower Metallic Pump:

Seriously, I can’t stop drooling.

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I just got a wonderful little surprise from Shopbop in my email. Through August 7th you can get an additional 20% off of sale items by using the sale code Bonus20.

This is on top of the to the 30-70% that these items are already discounted. How’s that for a deal?

Here are just some of the available styles:

• Scorah Patullo “Alanis“ sandal. Originally $730; through Thursday these are an additional 20% off a sale price of $219 making these $175.20:

• Claudia Ciuti “Carolina” wishbone platform sandal in metallic or croco-embossed leather. Originally $375; 20% off the $262.50 sale price brings these to $210:

• Moschino Cheap and Chic’s “Linen T-strap“ sandal has a cute retro style. Originally $524; 20% off the $157.20 sale price brings these to $125.76:

And one last temptation, Pour La Victoire’s “Dominique“ woven platform sandal. Originally $226; the 20% off it’s sale price of $158.20 brings this down to $126.56.

Drat, this is why I’ve put myself on a stricter budget. Too many tempting sales.

But, I sincerely hope someone else takes advantage of these fantastic prices. And, if you do grab a great deal, we’d love to have you share your newest additions over at our forums.

Ready. Set. Shop.

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Recently, Shoesense quite neatly beat me to the punch regarding fringed footwear. I can’t help but shudder when I see many of the fringe-bedecked styles that are coming out.

Be warned. Its use is everywhere and seems to growing. As proof I offer Rachel Zoe’s picks of fringed moccasins a la Minnetonka at as a major trend for Fall 2008. Gulp.

I should have seen it coming. Once Skinny Jeans came back into fashion, causing a whole new generation of gals to look for the perfect tuck-in boot, it was only a matter of time before Minnetonka once again rose to ascendancy.

Think of a young Kurt Russell (Not an altogether unpleasant image, I’ll happily admit.) in Big Trouble in Little China.

Sleeveless T-shirt and blue jeans, tucked into these:

Actually, I just had to stop and watch the movie, just to be sure. Sigh, the sacrifices I am willing to make. Jack Burton’s boots laced up the side and were closer to these babies:

I know there are gonna be both guys and gals who love these. And, if they didn’t live through it the first time around, this is probably a fine time for them to do so. However, I’ve never regretted that I didn’t own any back in the 80’s when these were last in fashion. I hardly think I would, could, or even should attempt to take part in the trend this second time that I’m around to witness it.

As for the overall fringe trend, I have seen a few styles that I find that I almost like.

• First, from Pleaser, specialists in lingerie for your feet, a flirty, fringed high-heel suede sandal (At 6pm.com):

• Next, is the Steven “Bijoux“:

• And my personal favorites from Betsey Johnson, Shoe goddess extraordinaire:

The Tisha:

And the Taylor:

In 3 colors, the purple almost has me won over.

I do love a glam, over-the-top shoe as much as the next shoe addict. Unfortunately, I am uncertain that I am the right personality to successfully rock this shoe trend.

Maybe you are?

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While window shopping over at Zappos recently, I was reminded of the rather lackluster footwear choices seen at this years Met Costume Institute Gala. So, while still fresh in my mind, here are some suggestions for footwear that is truly worthy of adorning your own inner super-hero, especially if there is any truth to the whole idea of superhero fashion trends for Fall 2008.

At the top of my list, D-squared2 is simply too perfect with this lightning-bolt heel:

Recently worn by Rihanna, the “Flash 2″ by Dsquared2 are $669 at Zappos.com; It’s the perfect way to indulge your Super side.

If you prefer a more budget-conscious and kitschy option for showing off your Super-hero girl-power, there’s always the campy “Liberty” Go-Go boots offered by Ellie shoes:

Available through Amazon Marketplace shops starting at $42.00.

Now, where do I find a Lasso of Truth?

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