Green’s Dictionary of Slang

baloney n.

also balogne, bologna, bologney, boloney, bolony
[? Bologna sausage; the OED rejects the connection as ‘conjectural’, but note Adams (WesternWords, 1968): ‘Bologna bulls, animals of inferior quality whose meat is used to make Bologna sausage’. Partridge offers Rom. peloné, testicles; thus balls n. (1) or ballocks n. (4)]

1. [late 19C+] (orig. US) in fig. senses of worthlessness, both of ideas and individuals.

(a) nonsense, rubbish, humbug.

(b) a worthless, stupid person.

(c) a promiscuous woman.

2. [1940s+] (orig. US, also baloney pony) the penis.

In phrases

beat the balogna (v.)

[20C+] to masturbate.

bop one’s baloney (v.) (also bop one’s baloney) [bop v. (1)]

[1970s+] to masturbate.

have a baloney colonic (v.)

[1980s+] (US gay) to have anal intercourse.

hide the baloney (v.)

[1930s+] (US) to have sexual intercourse.

shoot the baloney (v.) [shoot v. (5)]

[1930s] (US) to talk nonsense.

smoke the baloney pony (v.)

[2000s] to fellate.