New, unworn pair of Allen Edmonds Patriot shell cordovan penny loafers, factory seconds, in Allen Edmonds retail box.  Allen Edmonds is the standard-bearer of shell cordovan craftsmanship.  A pair of this style of new AE Shell Cordovan retails for $750.  You'd have to be a cobbler to figure out why these are seconds because I cannot.  The manufacturer places a small mark in the shape of a shoe on the sole, just forward of the heel, which indicates a factory 2nd.  Retail box included.  Shoe trees NOT included.

Allen Edmonds's official statement of what little it takes for a shoe to be designated a second:

"What Makes a Factory Second? 

Our Factory Second shoes contain a minor cosmetic blemish that does not affect the fit, comfort or durability of our shoes.  The shoes simply do not pass our exacting standards at one of the various inspection points throughout our 212 step handcrafting process."

If you ever wear them out, these are eligible for full AE recrafting service (see Allen Edmonds site and Youtube for more info on recrafting), rendering them like new again