Green’s Dictionary of Slang

polony n.1

[Ital. Bologna sausage]

1. [late 18C+] a sausage, a salami.

2. [mid-19C] as double entendre, the penis.

3. [1910s] a silly person.

In compounds

polony-fencer (n.)

[late 19C] a seller of (cooked) sausages.