Fretless bass guitars have been about since the Ampeg mid-sixties model, but they made little impact at first.
However, Rick Danko of The Band started using a fretless Ampeg which he modified with Fender pickups, which may have played a part in Fender producing what was essentially a regular Precision bass but without frets.
It was offered with a choice of rosewood or maple fingerboards and curiously, in spite of the more tactile requirements of a fretless bass, it was supplied with both the bridge and pickup cover plates fitted (if you look closely at the picture the screw holes can be seen and those for the finger rest).
Production was dropped in 1981, which was rather unfortunate really as the fretless revolution was just about to start. Fender Japan made a far more adventurous version known as the A/E Fretless Precision – look out for more about that at a later date.