The name of this box set comes from the instruction presented on vinyl copies of the band's debut album to peel back the banana sticker featured on the cover.

The set includes all four studio albums by the Lou Reed-era line-ups of the Velvet Underground, alongside demo recordings and live performances, some of which had been previously bootlegged, and some of which had never before been released.

[4] The band's fourth album, Loaded, is presented with "full-length versions" of three of its tracks, "Sweet Jane", "Rock & Roll" and "New Age".

Rolling Stone journalist David Fricke wrote extensive liner notes in an accompanying booklet, which also pictured many items of Velvet Underground memorabilia from the collection of guitarist Sterling Morrison.

With the exception of "Prominent Men", the tracks on Disc One feature multiple takes of each song.