586 and 686 are the same basic gun. Difference really is frame construction alloy and finish.
586 - carbon steel frame, finished in blue or nickel
686 - stainless steel frame and finish
Barrel lengths 2 1/2", 3", 5", 6", 8 3/8". Most common ones are 4" and 6".
686+ = 7 round cylinder version of the 686
The 586 went out of production a while back, but supposedly they made a run of them recently in the "classics" line. I also dont think they made a 586+ in 7 round cylinder, although I could be wrong.
The 581 and 681 are fixed sights version of the 586 and 686. Similar to the differences between a model 13/65 and model 19/66 in the K frame world.
There was also some 586 and 686 chambered specifically for 38 special, although I have no idea why this was done.
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