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Leo Fender Bass V

When I was a kid, a local music store had one of those. From what I understood, they were designed to make it easier for sight reading bassists to play high not without reaching way down on the fingerboard. That is why they only had 15 frets. Leo Fender had no notion of folks getting all high and soloing like Stanley Clarke on an Alembic.
 
The "5-String Bass" first appeared in the 1965-66 catalog and listed at $319, at a time when a Precision was $223, a Jazz was $271, and a "Bass VI Guitar" was $320, excluding cases (all sunburst prices; blond and custom finishes higher).
 
OK, lottsa speculation and some truth hiding here. It's designed by Leo. He sold Fender to CBS effective January 1, 1965. But he continued to work for them as a consutlant through about '68 or so. He designed the Mustang (guitar and bass- compare the 'Stang bass bridge and mutes to the StingRay for fun), and the Bass V.

At the time people weren't trying much to go lower than E. They were really trying to get the lower notes on a standard 4-string bass to be reproduced better, let alone worrying about getting lower ones. As mentioned above, the BassV was made to make sight-reading easier by allowing you to play across the neck instead of having to go up it. It's got no more notes than a stock P or J bass. But the E that's normally at the 9th fret on a P is at the 4th fret on this puppy. That gives you two octaves with your hand in 1st position.

jte
 
weirdly, this one has block inlays and a jazz-ish pickup guard under which, as the seller states, an original passive single coil (J???) is placed
http://bassnw.com/Used Basses/fender_1968_1971_bass_v_602577.htm
Mine has dot markers. The pickups on it are not a single coil. One is under two strings and the other under 3. It looks, IMO, like a single Mustang Bass pickup and a single Fender 12 string pickup. I still have the cover and ashtray too. I got in Detroit in the 70s. Could it be the long lost Fender Bass V that James Jamerson once played. Probably not.