Loafers have come a long way since they first surfaced seven decades ago, and this season designers are reinterpreting the classic in tons of ways.

The style dates to 1932, when the owner of a New Hampshire leather company saw an Esquire magazine photo of farmers wearing slip-on shoes in the cattle “loafing” area (where cows wait to be milked) at a Norwegian dairy. In 1936, John Bass created the version most of us grew up with. The “Weejun” (short for Norwegian) loafer is more widely known as the penny loafer because the hole across the vamp proved to be an easy spot to store a shiny coin. Dimes — emergency pay-phone change — replaced pennies in the ’50s and ’60s. The shoes have endured as a preppy essential, adding a polished look to any outfit.

This season, the loafer has caught the zeitgeist, and there are inventive takes on the classic in a wide array of prices. Good timing for Cole Haan, which released a collection of hand-sewn penny loafers carrying a 1928 penny ($275) to commemorate the brand’s 80th anniversary.

Although the loafer generally is a flat shoe, it translates as a pump or high heel for a more dressed-up look. Nine West has the Alimona ($79), a gunmetal gray pump with a penny-loafer detail. Calvin Klein makes a version with a slightly lower heel ($98), and Max Studio adds a ’40s flair to a mahogany-heeled loafer with a platform sole, stack heel and peep toe ($180). Such updates aren’t exactly what those farmers had in mind, but they’re a stylish translation of a classic.