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The basic slingshot is a wooden slingshot with the ability to shoot a single pellet at a time. It can be purchased at all nookling stores besides the nookling junction (i.e. T&T Mart, Super T&T, T.I.Y., T&T Emporium) for 125 bells.
The silver slingshot is a blue slingshot with the ability to shoot two pellets at a time. It can be obtained after shooting down 14 balloons.
The golden slingshot is a golden slingshot with a more curvy appearance. It is the final slingshot you can obtain and has the ability to shoot three pellets at a time. It can be obtained after shooting down 14 balloons.