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Tasked by his father Guccio with expanding the family business into the US, Aldo Gucci noted the loafer’s omnipresence among the country’s affluent and had an idea: why not make a variant that was a little sleeker, more luxurious than the somewhat clunky and chunky loafers produced by US and UK shoemakers?

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Introduced in parallel with the opening of Gucci’s first Manhattan boutique in 1953, the loafer Aldo created was distinguished by a handsome metal horsebit snaffle across the saddle where preppies had kept their spare change. The horsebit had long been a recurring motif on Gucci’s leather goods, inspired by founder Guccio’s admiration of the British equestrian set during his time working at London’s Savoy Hotel.

An immediate hit among movie stars, the fabulously wealthy and aspiring style aficionados alike, the horsebit loafer was one of the first examples of casual luxury. Though a potent symbol of affluence, and certainly an expensive purchase, the Gucci loafer was just affordable enough that you didn’t necessarily have to be rich to buy a pair – maybe just tighten the belt for a month or two.

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Initially worn casually, by the 1970s the Gucci loafer was considered formal enough that then-CIA boss George H.W. Bush was wearing his for meetings at the White House. Through the 80s, the horsebit was as essential a yuppie workday accoutrement as a huge mobile phone, red braces and pinstripe power suit. Even today, luxury loafers are known in some circles as “deal sleds” due to their continuing connection with Wall Street trader types.

Now nearing 70 years of age, the Gucci Horsebit loafer remains as relevant and effortlessly stylish as ever. It may have found a place in the costume collection of New York’s Metropolitan Museum of Art, but this evergreen piece of fashion footwear is anything but a relic.