Baloney is a now much-maligned North American sausage used primarily as an inexpensive cold cut for sandwiches. It is not really known in Europe. Baloney is a lightly-spiced sandwich or luncheon meat that is already cooked and ready to eat.anguage Notes. The word Baloney is also used now as a euphemism for saying something is hogwash, bullshit or rubbish. When this meaning is meant, the word is certainly almost always spelt Baloney and not Bologna.