First introduced in the late sixties. Featured the highest capacity spool (400 yards of 20 lb) of any Mitchell Spinning Reel up until that time. Marine Bronze High Speed gearing, Stainless Steel bearings, Cold rolled Stainless Steel bail with Tungsten Carbide Roller, Oilite Bushings and friction disk made of Ferodo race car brake material were some of it's features. The 488, 486 and 396 were advertised as . . . Are you ready for this? . . . "Completely Saltwater Corrosion Proof!". It's retrieve ratio was 4.15:1. 

1974 was the first year that this model (with the nipple projection on the round relief on the side plate) showed up in a Mitchell catalog. Actually, this reel was first produced in 1970. Note the raised relief on the handle side plate. The relief is used to house the main gear and anti-reverse. As you can see in the pics, it has a nipple protruding from the relief at about 2 o'clock. it is not perfectly round as it would be on the 1969 model. Models, starting in 1970 all had the nipple. This was done to make room for a 6mm anti-reverse clicker which replaced the 5mm one that was originally used. Reels affected by this change were 386, 387, 396pum, 397, 486, 487, 488, 489, 496pum, 497, 498 and 499.

 Not considered Rare, but hard to find Mint In the Box.