In the early 1950s, Peabody approached the Vega Company of Boston, Massachusetts which produced several electric versions of the instrument, but never put them into full production.

In the mid 1950s, Peabody approached Rickenbacker, which built the 6005 and 6006 model electric banjoline under the supervision of Roger Rossmeisl.

In 1962, Fender created a banjoline for Peabody shaped with their signature double cut-away body.

Bowed Banjoline is a combination on Banjoline with the violin and viola and is bowed similar to classical string instruments in the orchestra Although its name suggests a combination of banjo and mandolin, it is technically considered to be a type of plectrum guitar, a variant of the electric guitar, resembling the banjo and mandolin only in terms of its four course stringing.

The Banjoline has six strings arranged in four courses and it has a scale length similar to that of a plectrum banjo.