Pelikan Toledo M700 was first introduced in 1986 (Pelikan Schreibgeräte). This marked the return of the Toledo model after 46 years since Pelikan 100N Toledo was discontinued in 1942.

Here is a quote from the Pelikan catalog (1986) that introduced the Toledo. 

"For centuries, the goldsmiths of Toledo in Spain have a world reputation for exquisite jewelry work work. Many historical examples are convincing proof of this. The Pelikan Toledo was created following the example of Toledo craftsmanship⁽¹⁾. It was first presented to the public in 1935 as a classic piston filler fountain pen. Then as now the noble and artistic chasing of the Toledo sleeve is masterfully designed by hand, piece by piece. The motif is lovingly crafted and embellished in great detail engraved in a solid 925 sterling silver sleeve. Gold-plated in 24 carat top quality.

Pelikan Toledo. Each piece is unique.
The Pelikan Toledo bears the personal signature of the master who designed the Toledo binding in traditional craftsmanship. His signature guarantees perfect quality and the individual numbering of the workpieces is an expression of the highest exclusivity: Each Pelikan Toledo is only available once in the world. Each Pelikan Toledo takes over 100 operations and more than 1 month to create. The handcrafted band, the finely chiseled, hand-formed 18-carat gold nib, the elaborately designed Pelikan beak clip and the many loving details make the Pelikan Toledo a timelessly valuable piece of jewelry.

Writing with the Pelikan Toledo. A great experience.
Especially in an age of mass products and computer printing, individuality is becoming increasingly important. Those who see their handwriting as an expression of their personality enjoy the the elastic sweep of the handwritten, finely chiseled 18-carat gold nib.

The Pelikan Toledo Certificate.
It documents the individuality and exclusivity. The certificate documents the individuality and exclusivity of each Pelikan Toledo with the original workpiece number, the name and address of the purchaser and the address of the handler. With his signature, the Pelikan production foreman shows that the Pelikan Toledo has successfully passed the careful final inspection.

Pelikan Toledo. A masterpiece of traditional craftsmanship. Available in 8 nib widths: EF, F, M, B, BB, OM, OB, OBB."

The size and build of the Toledo M700 were based on the Souverän M400. Consistent with all the Toledos in the successive generations are the black resin cap, section, turning knob, and a sterling silver sleeve⁽²⁾ with 24 carat gold plated pelican bird motifs on it. Each pen has a green ink window. The section has no trim ring. Different from the M400, the two thin gold cap bands are reminiscent of the original T111 Toledo and 100N Toledo design from the 1930s⁽³⁾. The pelican bird motifs on the sleeve shows an attempt to reproduce those of the original Toledos⁽⁴⁾. Historically, they were engraved by one of three artists (initials CT, EH, & JB) (Pelikan’s Perch). The gold plating on the clip, cap crown, and cap bands is matte-finished⁽⁵⁾. The sleeve near the piston knob bears a unique serial numbers and the engraver's initials. On the other hand, the specifications of the Toledo pens have changed slightly over time. Earlier versions had a monochrome 18 carat gold nib, and no engraving on the turning knob. Later, the rounded end of the turning knob was stamped "Pelikan W.-Germany" (Pelikan’s Perch). From March 1990, the nib became a bicolor rhodium-plated 18 carat gold nib (Pelikan-collectibles), and in 1997, the cap top was gold-plated.
 
The M710 was slightly younger than the M700 and was first introduced in 1992. Originally, theM710 was produced for Ebel watch company, and were only later listed in Pelikan's own catalog (Pelikan Schreibgeräte). M710 had black resin parts with sterling silver sleeve, but was not gold plated like the M700. The trim was glossy silver, not matte finish and appeared to be palladium plated (Pelikan’s Perch). The cap had two bands, the larger of which is engraved "Pelikan 925 Germany". The nib was a bicolor rhodium-plated 18 carat gold. Interestingly, the silver pelican bird motifs of M710 was different from those of M700. The ring near the piston knob was engraved with the unique serial and engraver's initials like M700. The M710 was discontinued in 1997, but was revived for three years as a limited edition model from 2009 to 2011 (Pelikan-collectibles).

Note;⁽¹⁾As stated in Pelikan T111 Toledo (ca.1933), Pelikan Toledo was inspired by and paid homage to the “Toledo Technique” or Damasquinado , it was not made with the Toledo technique in the strict sense (PENEXCHANGE​).
⁽²⁾The sleeve of the original Toledos in 1930s was made of steel (see Pelikan T111 Toledo and Pelikan 100N Toledo).
⁽³⁾Their material is now staring silver instead of 14 carat gold, and the surface is smooth, not milled (see links above).
⁽⁴⁾However, because the pelicans are hand-engraved, there are slight variations in their faces from artist to artist and from period to period when they were made (万年筆評価の部屋, 万年筆おやじの備忘録). Probably, this was true of Toledo in the 1930s, but no one would have seen dozens of original Toledos.
⁽⁵⁾Unlike the Toledo in the 1930s, the pelican head motif on the clip was not adopted (see links above).