Following the success of M400, Pelikan expanded its lineup. Pelikan introduced "Classic" M481 as an economy model of M400 in 1983 (Pelikan writing instruments collection 1984/1985)⁽¹,²⁾. This was the first fountain pen of the Classic series. M481 was the same size as M400, had a piston filler mechanism, but its nib was gold plated stainless steel. Interestingly, some early examples had a friction fit nib unit⁽³⁾. The model was available in black, green-black, burgundy, and clear demonstrator. The clear demonstrator was not labeled as M481, but "Pelikan Demonstrator" (Pelikan’s Perch).

As M481 was the economy model, it had the insignificant blind cap instead of the crown. Noteworthy is that the cap top was smooth: there was no Pelikan logo on it. But underneath, the model had a hidden cap top with a Pelikan logo, which was identical to the cap top of M400 (please see M400)⁽⁴⁾. At first, the cap top was screwed on, later it was glued on. On the later versions, there was no logo under the cap top (Pelikan-collectibles.com).

Pelikan Milano was known to offer a special edition to companies, which was not for sale to the public. The special edition based on M481 had a bicolor rhodium-plated 12 carat gold nib and was labeled M150 (Pelikan’s Perch). In Japan, too, M481 was sometimes sold with a bicolor rhodium-plated 12 carat gold nib (please see below).

M481 was produced until 1985⁽⁵,⁶⁾. In the same year, the M200 was introduced. M200 can be seen as a successor to M481. M200 had the Pelikan logo on the cap top.

Note;⁽¹⁾M480 was discontinued in this year. This finally ended the M series.
⁽²⁾The number 481 is a bit of a half-assed number, but was it meant to be the successor to M480?
⁽³⁾The early M400 has a friction fit nib unit (see M400).
⁽⁴⁾The cap top of M400 was converted?
⁽⁵⁾M481 appears to had been produced thereafter for the export market. In Japan, instead of M200, M481 was still sold under the name #481 (not M481) probably until around 1997. Pelikan Demonstrator was especially popular among Pelikan enthusiasts in Japan, where it was called "ペリスケ (peli-ske)" (Pelikan skeleton) (see Japanse Pelikan catalog as of December 1995 (万年筆評価の部屋). ペリスケ (Pelikan Demonstrator) was priced low (only ¥5,000 as of 1995, #481 was ¥10,000), perhaps because it was thought that it would not be popular in Japan. #481 (M481) was long-lived in Japan and familiar to Japanese Pelikan users.
⁽⁶⁾When the M150 was launched in 1985, M150 was designated M150/481 (Pelikan Traditionelle Schreibgeräte (1986)), resulting in confusion with the original M481 model. Pelikan then changed the name to M150 for clarity. Thus, the numbering of Pelikan fountain pens was confusing in more than a few cases.