The model Rickenbacker 381 is essentially a hollow body archtop guitar (with a body style derived from the 330 model's 1957 design) and is seen as the flagship of the 300 Series. In 1987, Rickenbaker reissued the Model 381 with early 1969 specifications as the 381V69 model. The 381V69 has a labor intensive Gothic hand carved top and back providing extra depth. The "1" in the model name indicates pickups:  the 380 was originally intended as an acoustic guitar with electric guitar styling, although the 381 proved the greater commercial success.

A 12 string version, the 381/12V69 was also available.