I was in a local pawn shop just before christmas and heard a banjo being played down the isle. When I investigated, I found one of these things. It's got a non adjustable head and yes, the 5th. string comes all the way to the peg head. Kind of in the way but I guess you'd get used to it. It had a good plunky sound to it. I liked fooling with it but I think if I owned it I'd play it for a few days and park it in a corner.

Chip