1880: Romania
1880: Romania Rulebook
Table of Contents
Table of Contents
- I. General Information
- II. Components in Detail
- IV. Game Setup
- IV. Sequence of Play
- V. Starting Round
- VI. Stock Rounds
- VII. Operating Rounds
- VIII. Stock Market Movement
- IX. End of the Game
- X. Summary for 18xx Veterans
- XI. Variants
- Tile Overview and Tile Upgrade Table
I. General Information
I.1 Introduction
1880 Romania is a railway and stock market game for 2–6 players based on 1880 China by Helmut Ohley and Leonhard Orgler. It belongs to the 18xx family of games originating from Francis Tresham's 1829.
Players represent investors who accompany the development of Romanian railways from their beginnings to the modern era. They invest capital in up to ten public companies during Stock Rounds and operate those companies as directors during Operating Rounds by building track, purchasing trains, and running routes to generate revenue.
Trains also represent technological progress. As technology advances, the political and economic environment changes, represented by phases A1 through D3, corresponding to: pre–World War I, the interwar period, the communist era, and the post-communist era.
More advanced trains can serve more and better-developed stations, generating higher revenues. The director decides whether revenue is retained by the company or paid out as dividends.
At game end, the player with the greatest total wealth in cash and stock value wins.
I.2 Etiquette
Before starting the game, agree which types of deals are allowed and whether agreements are binding.
Deals involving more than two players are not permitted.
All player and company assets are open information at all times.
Plan your turns while others are acting to avoid unnecessary delays.
I.3 Information for 18xx Veterans
The rules of 1880 Romania largely follow standard 18xx conventions. Experienced players do not need to read everything in detail. Important deviations are highlighted in the rules, and a summary for veterans is provided in Chapter X.
II. Components in Detail
II.1 Game Map
The colors on the map have the following meanings:
The light green hex grid is the playable area where track tiles are placed. Some hexes contain cities, towns, or terrain costs for mountains and rivers.
The dark green or light blue areas outside the hex grid are off-board. Red hexes represent off-board connections. Blue hexes represent ports. Their colored bars show the revenue value, which increases over time. No track may be laid on these hexes.
The map also includes the round track, which indicates game progress and operating order.
II.2 Stock Market
Each public company has a share price shown on the stock market. Shares are bought and sold at this value.
The four red spaces indicate possible par prices.
This board also contains the train pool and the starting table.
II.3 Companies
II.3.1 Private Companies
Private company certificates represent ownership of existing companies at the start of the game.
They are auctioned in the Starting Round and remain with the owner for the entire game. They may not be sold to other players or to corporations.
At the beginning of each Operating Round, the bank pays the printed fixed dividend to the owner. From Phase B2 onward, no further private dividends are paid.
Most private companies also grant a special ability that remains in effect for the entire game. This ability may be used by any corporation directed by the owner (including a foreign investor).
Private companies do not count toward the certificate limit.
Private Companies
| No. | Name | Price | Ability | Income |
|---|---|---|---|---|
| 1 | Banater Montanbahn | Ł 20 | May be closed any time during the game to give the owner 20 (if player) or 40 (if company) out of the bank. | Ł 5 |
| 2 | Consorţiu Bethel Henry Strousberg | Ł 30 | During yellow phase all companies of the owner of this private may build track towards and across the yellow doted border. Each time (until the communist phase) a connection is built across the yellow doted border, the owner receives 20. | Ł 10 |
| 3 | Valea Jiului | Ł 40 | Gives a discount of two mountain symbols for each hex with mountain terrain costs. | Ł 10 |
| 4 | The Danube and Black Sea Railway and Free Port of Küstendjie Company D.B.S.R. | Ł 60 | Comes with a +10 token. This token may be laid any time to any Danube harbor (blue anchor symbol). It remains there until the end of the game. Laying this token doesn't close the private company. The token increases the value of the relevant city by 10 for all companies of the owning player. |
II.3.2 Foreign Investors
After the private auction, each player selects one of the six available foreign investors for free.
Place the investor's home station on the marked map hex. The remaining investors are removed from the game.
Like private companies, foreign investors:
- are owned by a single player
- have no stock price
- do not count toward the certificate limit.
Foreign Investors
| Number | Name | Home |
|---|---|---|
| 1 | Austro-Hungarian Investors | B 4 |
| 2 | Russian Investors | B 22 |
| 3 | British Investors | J 26 |
| 4 | Serbian Investors | H 2 |
| 5 | French Investors | D 10 |
| 6 | German Investors | H 14 |
II.3.3 Share Companies
Players found share companies during the game.
Each company consists of one president's share (20%, 30%, or 40%) and the corresponding number of 10% shares.
The directors' share is always the first share of a company to be purchased; the purchase of the directors' share founds the company and sets the initial share price (see VI.6 Founding and Starting a Company).
It counts as one certificate toward the certificate limit regardless of its percentage.
The director receives the company charter. During the game, all company assets, such as treasury, trains, and station markers, are recorded on this charter to keep the company's assets strictly separate from private property or the assets of other companies.
There are 12 public companies in the game.
Share Companies
| Name | Abbr | Home | Color |
|---|---|---|---|
| Greater Walachian Railways | GWR | Bucureşti | dark blue |
| Vârciorova-Roman Line | VRL | Ploiești | red |
| Moldavia Railways | MR | Iaşi | purple |
| Lemberg-Czernowitz Railways | LCR | Cernăuți | light blue |
| Crișana Railways | CR | Oradea | yellow |
| Dobrudja Railways | DR | Constanţa | dark green |
| Lesser Walachian Railways |
II.4 Train Cards
The trains represented by cards in 1880 Romania have a variety of functions. At the beginning of the game, all train cards are arranged in a sorted stack, with the lowest-numbered trains ("2") on top and the highest ("8E") at the bottom. Companies may purchase trains from this stack in the prescribed order at the printed price in order to generate revenue during Operating Rounds. At the same time, trains and their purchase act as the game's timer in several ways.
Each time a train is bought, this is marked with the train purchase marker, which is moved on the round track next to the marker of the purchasing company. If an entire round then passes without another train being purchased, meaning the marked company takes its turn again and does not buy a train, all trains of the current type are exported, as described in VII.3.10 Exporting Trains.
Whenever the last train of the currently available type is bought or exported, the Operating Round is interrupted for a Stock Round, as described in VII.3.8 Buying Trains.
Whenever the first train of a new type is bought or exported, a new phase of the game begins. This triggers a number of game effects. For example, new track tiles may become available, older trains may become obsolete, and the conditions of the stock market and company formation may change, as described in VII.3.11 Phases.
Note that if all trains of a type are exported because an entire round passes without anyone buying a train of the newly available type, the consequences of both the first and the last train of that type occur simultaneously. The game phase changes and a Stock Round begins. As a result, it is possible that if a new train is purchased immediately after that Stock Round, no company will have had an opportunity to operate in that phase.
Finally, when the last 6E train is bought or exported, this triggers the end of the game. The final Stock Round is played, after which each company will take exactly three more turns.
Train Overview
Trains serve multiple functions. They are purchased from a face-up stack in ascending order from 2 through 8E at their printed cost.
| Type | Costs | # |
|---|---|---|
| 2 | Ł 100 | 10 |
| 2+2 | Ł 180 | 5 |
| 3 | Ł 180 | 5 |
| 3+3 | Ł 300 | 5 |
| 4 | Ł 300 | 5 |
| 4+4 | Ł 600 | 3 |
| 6 | Ł 600 | 2 |
| 6E | Ł 700 | 2 |
| 8 | Ł 800 |
They also function as the game timer: each train purchase moves the train marker. If an entire round passes with no train purchase, all trains of the current type are exported. When the last train of a type is bought or exported, the Operating Round is interrupted for a Stock Round. When the first train of a new type is bought or exported, a new phase begins. Phase changes may make new tiles available, obsolete older trains, change stock market rules, or alter capitalization. If the last 6E train is bought or exported, the endgame is triggered.
II.5 Track Tiles
Track tiles become available by color:
Yellow → Green → Brown → Gray
They are used to build and upgrade track according to the rules for tile laying and upgrading. The detailed rules are given in Sections VII.3.1 Laying Track and VII.3.3 Upgrading Track.
II.6 Building Rights
Companies may only lay or upgrade track during phases for which they possess building rights.
Building rights are chosen at company formation and determine in which phases the company may build.
IV. Game Setup
- Place the map board and the stock market on the table.
- Sort the share certificates into stacks by color. For each stack, place five 10% shares first, then the "100% operating capital" card face down, followed by the remaining three 10% shares, and finally the three director's certificates in any order. The five 10% shares beneath the "100% operating capital" card are not available until Phase B, which is why the card is placed face down.
- Sort the train cards by range. Place the 8E trains at the bottom, then the 8 trains on top of them, followed by the 6E trains, and so on, with the 2 trains on top.
- Lay out the private companies (see V.1 Auction of the Private Companies).
- Place the round marker on the white space "Starting Round" of the round track.
- Place 1 round marker per company next to the game board.
- Place one stock price marker per company next to the stock market.
- Place the building rights cards on the table.
- Take as many player order cards as there are players, shuffle them, and deal one randomly to each player to determine the provisional player order. The player with the lowest card receives the Priority Deal marker (the bat) and begins the game.
- Place the 36 station markers (3 per company) on the table.
- Place the company charters next to the game board. During the game, all company assets such as trains, operating capital, building rights, and station markers are kept on them. These must be kept strictly separate from personal assets and from the assets of other companies.
- Sort the track tiles by color and place them within reach so that all players can see them. Initially only the yellow tiles are needed, but the others are relevant for planning the course of the game.
- Lay out the play money. In principle it is unlimited. If it runs out during the game, use a suitable substitute. You may use poker chips instead of paper money (recommended). Choose one player to act as the banker. Each player receives starting capital according to the following table:
| Players | 3 | 4 | 5 | 6 |
|---|---|---|---|---|
| Starting Capital | 600 | 480 | 400 | 360 |
IV. Sequence of Play
The game begins with the Starting Round, during which the private company certificates are auctioned and the foreign investors are assigned. This is followed by the first Stock Round. Over the course of the game, Operating Rounds, in which the companies act under the direction of their respective directors, alternate with Stock Rounds, in which the players buy and sell shares using their personal funds.
The purchase of the last 6E train triggers the final Stock Round, after which each company operates exactly three more times.
V. Starting Round
V.1 Auction of Private Companies
The eight private company certificates are auctioned in numerical order, beginning with No. 1 "Banater Montanbahn."
The first auction is started by the player holding the lowest player order card, the auction of the second certificate is started by the next player in the randomly determined order, and so on. In turn, players may either place a bid or pass.
The opening bid must be at least the printed face value, but it may be higher. Each subsequent bid must exceed the previous bid by at least Ł5.
A player who has passed in an auction may not re-enter the bidding for that private company certificate, although they may bid again in later auctions.
The winner of the auction pays the bid to the bank and takes the acquired private company certificate.
If all players pass during the auction of the first private company certificate, it is randomly assigned to a player at a price of zero.
If no bid is made for any of the other private company certificates, meaning all players pass, the auctions are paused. All players who already own a private company certificate receive its dividend, and a new auction begins for the same private company for which all players most recently passed.
After all private company certificates have been auctioned, a new and final seating order is determined based on the amount of remaining cash. The player with the least money receives the lowest player order card and the Priority Deal, represented by the wooden bat, and will act first in the next Stock Round. The player with the second least money receives the next lowest player order card, and so on. In case of a tie, the original relative order is maintained. This seating order remains in effect for all Stock Rounds during the game. The player who holds the Priority Deal in later Stock Rounds and opens the round is determined according to Section VII.2 Turn Order in a Stock Round.
V.2 Selection of Foreign Investors
In player order, each player selects one foreign investor for free. Take the corresponding investor charter and place its home station on the marked map hex.
All unselected investors are removed from the game.
Then the first Stock Round begins.
VI. Stock Rounds
VI.1 General
The first Stock Round begins after the Starting Round. All subsequent Stock Rounds begin immediately when the last train of a type, except for restored 2-trains, has been bought or exported, as described in VII.3.8 Buying Trains and VII.3.11 Exporting Trains.
During Stock Rounds, the players act as investors using their personal funds. On their turn, determined as described in VI.2 Turn Order in a Stock Round, a player may either pass or perform one or both of the following actions in this order:
- they may sell any number of shares, as described in VI.4,
- and then buy one share, as described in VI.5.
All transactions, whether buying or selling, take place only between a player and the bank and never between two players. Trading shares directly between players is not permitted.
A player who does not wish to sell or buy passes, but may take actions later in the same Stock Round.
A Stock Round ends only when all players have passed consecutively.
Note that during Phase A of the game, which lasts from the start of play until the first 3-train is purchased, only 50% of each company's shares are available. This is indicated by the "100%" card in each share stack, as described in IV Setup.
VI.2 Turn Order in a Stock Round
The player who holds the Priority Deal marker, the bat, begins the Stock Round. The other players then take their turns in order according to their player order cards.
The Stock Round ends when all players have passed consecutively. The Priority Deal marker is then given to the player who passed first in that sequence, which is the player seated to the left of the player who performed the last action, whether a sale or a purchase.
VI.3 Certificate Limit
In every game there is a certificate limit that depends on the number of participants. No one may own more certificates, meaning shares, than the certificate limit allows.
Each share counts as one certificate toward this limit. A president's share also counts as one certificate, regardless of how many company shares it represents. Private company certificates and foreign investors do not count toward the certificate limit.
No player may ever hold more certificates than the limit.
| Players | 3 | 4 | 5 | 6 |
|---|---|---|---|---|
| Certificate limit | 20 | 16 | 14 | 12 |
VI.4 Selling Shares
On their turn, players may sell any number of their shares, subject to the following restrictions.
- No shares may be sold during the first Stock Round.
- A president's share may never be sold to the bank. Only if a presidency change would result from a sale may the president's share first be exchanged for the appropriate number of ordinary shares of another shareholder, as described in VI.8 Change of Presidency, after which those exchanged shares may be sold. This exchange may temporarily cause the certificate limit to be exceeded, but the subsequent sale must reduce the holding back within the limit.
- During the Communist Phase, as described in VII.3.11 Phases, a director may not sell shares of their own company.
Sold shares are returned to the appropriate share stack in the bank. In 1880 Romania there is no separate bank pool as found in many other 18xx games.
For each share sold, the seller receives the current market value minus a fee of Ł5 per share.
If a player sells shares of different companies in the same turn, they decide the order in which those shares are sold. After each sale, the stock price marker moves down one space for each 10% share sold, as described in VIII.3 Stock Market Movement during a Stock Round.
There is no stock price movement during the Communist Phase, although the Ł5 selling fee still applies.
VI.5 Buying Shares
On their turn, a player may buy one share, either a 10% share of an already founded company at the current market price or the president's share of a company that has not yet been founded at the appropriate multiple of the par price they set themselves, as described in VI.6 Founding and Starting a Company.
Shares are always purchased from the bank and the purchase price must be paid in full.
A player may buy shares only if they have sufficient cash and only if doing so does not exceed the certificate limit, as described in VI.3 Certificate Limit.
A player may own up to 100% of the shares of a single company.
If a player has already sold one or more shares of a company during the current Stock Round, they may not buy shares of that same company again until the next Stock Round.
VI.6 Founding and Starting a Company
The first available share of a public company is always the president's share. When acquiring it, a player may choose between a 20%, 30%, or 40% president's share. The larger the percentage represented by the president's share, the more efficiently it counts toward the certificate limit, since it always counts as only one certificate regardless of its size, but the fewer building rights the company receives.
- A 20% president's share grants building rights for three phases,
- a 30% president's share grants building rights for two phases, and
- a 40% president's share grants building rights for only one phase,
as described in VII.3.2 Building Rights.
The player who buys the president's share founds the company and sets its par price. The stock marker for the chosen par price is placed on the corresponding red space of the stock market. The available par prices are 70, 80, 90, and 100, subject to the restriction described in the next paragraph. The stock market shows the value of a 10% share, so the cost of the president's share paid to the bank is two, three, or four times the par value, depending on whether it is a 20%, 30%, or 40% share.
The founder also places the company's round marker on the current space of an empty row of the round track. For each par price there are four rows, which determine operating order, as described in VII.1 General. If all rows for a given par price are already occupied by round markers, that par price may no longer be chosen for additional companies.
When the owner of a foreign investor founds their first public company, meaning this happens once per player upon their first purchase of a president's share, a 10% share of that company is placed on the investor's mat. Note that this also applies when the 20% president's share of the Transylvanian Railway is obtained during the auction of private companies. This share does not receive dividends when the company pays out revenue to shareholders; it is merely reserved for the investor's owner.
Example: Bess bought the last 3+3 train. The train purchase marker is placed next to her round marker. A Stock Round now follows immediately, during which the BR is founded at a par price of 90.
For a founded company to begin operating, meaning to take turns in Operating Rounds, a minimum percentage of its shares must have been sold. This minimum increases as the game progresses and depends on the current phase, as described in VII.3.11 Phases.
- In Phase A, 20% must be sold;
- in Phase B, 30% must be sold;
- in Phase C, 40% must be sold;
- in Phase D, 60% must be sold.
As soon as a company begins to operate, its home station is placed on the marked space on the map. If a track tile is already present there, the station is placed in one of the circles on that tile. Once a company has begun operating, it remains in operation even if the minimum percentage of sold shares required for the current phase is no longer met later in the game.
VI.7 Capitalization of a Company
In phases A, B and C, once the company has begun operating, it receives five times the par value from the bank paid into its operating capital. The company receives the same amount once again when the "100% operating capital" card is visible AND the first 3-train has already been purchased.
In phase D, the company immediately receives 10 times the par value paid into its operating capital, because it only begins operating once 60% of the shares have been sold. The "100% operating capital" card is ignored in this case.
VI.8 Change of Presidency
If, through buying or selling shares, another player comes to own more shares of a company than the current president, a presidency change occurs. A tie does not trigger a presidency change.
In the event of a presidency change, the former president exchanges their president's certificate for a corresponding number of shares from the new president. The new president of the company receives the company charter with all markers, trains, building rights and the entire operating capital on it.
A president may voluntarily give up their president's certificate by selling shares. In this case, another player must own at least as many shares of that company as are represented by the president's certificate. If this applies to multiple players, the new president is the one who owns the most shares in the company. In the event of a tie, the presidency goes to the player who is closest after the former president in turn order.
VII. Operating Rounds
VII.1 General
During an operating round, it is not the shareholders who act, but the private companies and public corporations. How a company acts is determined solely by its president.
Order within an operating round:
The round track determines the order of the companies in the operating round. It is resolved repeatedly from top to bottom, as in a rondel. Each row contains two circles. When a company has finished its turn, its marker is moved to the other circle. This always shows which company is currently active. The sequence may be interrupted by stock rounds and is then resumed with the company next to whose round marker the train purchase marker is located (see VII.3.8 Buying trains).
After the first stock round, the first operating round begins with the "Privates" (private companies) as indicated on the round track. These pay the printed dividend to their owners. From phase B2 onward, this step is skipped.
Next are the "Foreign Investors," who, until the end of phase B1 (see VII.3.11 Game Phases), perform the following actions in ascending numerical order:
- Build track (optional): Lay one yellow track tile (never more than one) or upgrade an already laid tile.
- Lease a train and generate revenue (mandatory).
- Withhold revenue (mandatory).
At the end of their turn, including after the end of phase B1, foreign investors check whether a track connection exists between the investor and the company whose share they have reserved (see Chapter VI.6 Founding and Starting a Company). If so, the investor is closed.
After that, all public companies that have already started operating act in order from top to bottom. A company's turn consists of the following activities, which must be carried out in exactly this order:
- Set home station (in its first operating round, mandatory).
- Build track (optional): Lay one or more yellow track tiles or upgrade an already laid or preprinted tile.
- Buy and place a station marker (optional).
- Operate trains to generate revenue (mandatory).
- Manage revenue (mandatory).
- Buy trains (optional, or mandatory if the company has no train).
The operating round ends immediately when the last train of a type (except "restored 2-trains") is purchased or exported abroad (see VII.3.10 Trains are exported). After the subsequent stock round, the company at which the operating round was interrupted may purchase additional trains. The turn order then continues according to the round track, starting with the topmost company whose marker has not yet been moved to the other circle, or with the topmost company if all companies have already acted in that row.
VII.2 Definitions
Revenue location: A revenue location is any location that generates income, i.e. a city, a town, a harbor, or a red off-board connection.
Route: A route is a continuous stretch of track that contains at least two revenue locations. A route must include at least one station marker somewhere along its length (it is not required that the route starts or ends there). A route may not use any piece of track, no matter how small, more than once. However, separate tracks on the same tile may be used during the same run. A route may not change direction at a switch or on a bridge. A route that enters a revenue location on one piece of track may leave that revenue location on any other piece of track. A route that connects to a red off-board connection (black arrow) must start or end there. A route may start or end in a city that is completely blocked by foreign station markers, but it may not pass through it. A route may pass through a city that is not completely blocked by station markers. A route may not include the same revenue location more than once (including a red off-board connection), but it may serve two different cities on the same tile. Therefore, it is allowed to serve both cities on the green OO tiles.
VII.3 Company Actions
VII.3.1 Laying Track
The game board shows a hexagonal grid. A company places the hexagonal track tiles on it to build a rail network and connect the various revenue locations.
The black arrows in the blue and red hexes represent pre-existing track connections. No tiles may be placed on red or blue hexes.
At the start of the game, only yellow track tiles are available, and only these may be placed on undeveloped hexes. During phase A, only one track tile may be laid in this way; from phase B onward, only public companies may lay two yellow track tiles. The following rules apply:
- A company may lay yellow track tiles only if it has building rights for the current phase (see VI.3.2 Building Rights).
- Track tiles are limited. Only available tiles may be built.
- The first tile a company lays must be placed on its home hex, unless a tile is already there.
- Each additional tile laid by a company must connect to existing track in such a way that it is reachable from one of its own station markers, meaning it could at least partially form part of a route that includes that station.
- On hexes without a city, only track tiles without a revenue location may be placed.
- On a town (small black dot), only a tile with a small station (black bar) may be placed.
- On a hex with two towns, only a yellow tile with two small stations may be placed. The tracks on this tile are separate; only one of them needs to be connected to the company's network.
- On a city (white circle), only a track tile with a city (white circle) may be placed.
- On hexes with two cities, only tiles marked "OO" may be placed. On the yellow "OO" tiles, only one of the two cities has a track connection. This is intentional.
- On the Bucharest hex, only the yellow Bucharest tile (marked with a "B") may be placed.
- On hexes showing a black dot and a circle, the player may choose when placing the yellow tile whether to place a town tile or a city tile.
- On hexes showing two black dots with a circle, the player may choose whether to place a tile with two towns or an OO tile.
- The first tile placed on a hex with a mountain or river symbol causes construction costs. These are Ł10 per symbol. The money is paid from the building company's treasury to the bank.
- No track tile may be placed so that one or more track ends point off the edge of the board or toward the blue edge of Odessa (Y8) that does not show a track connection.
- A track tile may be placed so that it does not connect to track on an adjacent tile.
VII.3.2 Building Rights
When a company is founded, it receives building rights for 1, 2, or 3 game phases, depending on the president's certificate that was chosen (see VI.6 Founding and Starting a Company). Building rights are represented by the corresponding cards. When the company is founded, it may freely choose for which phase(s) it wants building rights.
The building-right cards are unlimited; if there are ever too few in the game, please use suitable substitutes.
Foreign investors have the building rights printed on them.
VII.3.3 Upgrading Track
From phase B onward, instead of laying yellow tiles, a company may upgrade an already laid tile or a preprinted hex (see VII.3.11 Game Phases). During a company's turn, at most one tile may be upgraded, and no yellow tile may be laid in the same round.
From phase B onward, yellow tiles may be replaced with an available green tile.
From phase C onward, green tiles may be replaced with an available brown tile.
From phase D onward, brown tiles may be replaced with an available gray tile.
Gray tiles and the red tile may no longer be replaced.
A company may upgrade track tiles only if it has building rights for the current phase (see VII.3.2 Building Rights).
A company may only replace track tiles that, after the upgrade, are reachable from one of its own station markers, meaning they could at least partially form part of a route that includes that station.
Existing track connections may not be broken or removed by an upgrade. Tiles without revenue locations may not contain revenue locations after being upgraded. Tiles with revenue locations must, after the upgrade, contain the same type of revenue location and all previously existing track connections. The exchange table on the penultimate page shows the legal upgrade options for all tiles.
Upgrading tiles with cities may create additional space for a station marker.
As long as a tile has at least one free station space, any company may run track through that city and continue building in accordance with the rules.
Upgraded track tiles are returned to the supply and may be used again for new construction.
No additional costs are incurred when upgrading tiles on hexes with rivers or mountains.
VII.3.4 Placing Stations
When a company places one of its tokens on a city (white circle), it becomes a station. Stations serve the following purposes:
- Each route operated by a company must include one of its station markers.
- If all white circles in a city are occupied by station markers, only companies with a station in that city may run routes through it (other companies may start or end routes there).
- Any new track a company builds must be reachable from one of its station markers.
A company may place only one station marker per turn, though this may be in addition to its home station.
The cost of station markers is printed on the company charter. The home station is free and is placed when the company begins operating during a stock round. The second station costs Ł40, the third Ł100. In phase D, station costs are doubled.
Only one station marker per company may be placed on each hex.
A station may be built only on a hex that can be reached by a route from one of the company's existing stations.
Station markers may not be placed on the last free circle of a city if the home station of a company that has not yet begun operating is located in that city. On hex H16 with two cities, a station marker may only be placed after the VRL home station has been placed. It is recommended to place the corresponding station markers face down on the relevant hexes as a reminder to indicate the blocked building opportunity.
Stations may be built regardless of building rights.
VII.3.5 Running Trains
VII.3.5.1 Train Overview
Standard trains
A standard train may serve as many revenue locations as its range (the large number on the train card). The length of the track is irrelevant. No revenue locations may be skipped.
Plus trains
Plus trains show a large and a small number on the train card, connected by a plus sign. As with standard trains, the sum of the two numbers equals the total number of revenue locations that may be served. However, only as many cities or red off-board connections may be served as indicated by the large number, plus as many towns and ports as indicated by the small number.
Express trains
A 6E or 8E train may serve any number of revenue locations along a legal route, but only six or eight of them respectively are counted for revenue. At least one of the counted revenue locations must be a city containing one of the company's own station markers.
Restored 2-trains
From phase C2 onward, "rebuilt 2-trains" become available for purchase. They form an alternative to the current train type in the train stack; however, each company may own only one rebuilt 2-train. Purchasing a rebuilt 2-train does not advance the train purchase marker.
Rebuilt 2-trains:
- run like normal 2-trains,
- are never scrapped,
- count toward the train limit (see VII.3.8 Buying Trains),
- and do not fulfill the train requirement (see VII.3.8 Buying Trains).
VII.3.5.2 Running Trains
Each train a company owns may run one route per operating round to generate revenue.
If a company owns more than one train, each must run on a completely separate route. The routes may meet or cross in cities, provided that separate tracks are used. Branches, for example on green tiles, may therefore be used by only one train per turn, since two tracks merge into one there.
Foreign investors "lease" the top train from the train stack for their operation and run a route with the corresponding range. This means the train is not purchased and remains on the train stack. Because of this leasing, no phase change is triggered (see VII.3.11 Game Phases).
VII.3.6 Managing Revenue
A train's revenue is the sum of the values of all revenue locations it serves. A company's revenue is the total of the revenues from all its trains.
The value of each city or town is printed on the tile or hex. Red off-board connections have different values depending on the phase (see VII.3.11 Game Phases).
The president of the company determines the routes to be run but must take into account proposals from other shareholders if they would result in higher revenue.
The president receives the total revenue from the bank and then decides what to do with it. They may either pay the revenue out as dividends to the shareholders or retain it entirely as operating capital by placing it on the company charter. Since the president holds the largest share in the company, they naturally have an interest in paying dividends to increase their personal wealth. On the other hand, a company also needs money for track construction, placing station markers, and financing new trains.
Paying out dividends to shareholders
The revenue is distributed proportionally among the shareholders of the company. Each shareholder receives 10% of the total revenue for each 10% share they hold, as indicated on the certificates. Note: Shares reserved by a foreign investor and shares in the bank do not receive dividends when the company pays out.
After a company pays a dividend greater than Ł0, its share price increases (see VIII. Share Price Changes).
Retaining revenue
The president may instead decide to place the entire revenue into the company's treasury. If revenue is retained, or if a dividend of Ł0 is paid, the company's share price decreases (see VIII. Share Price Changes).
Example of running trains (brown phase):
The CFR (pink) owns a 4+4 train and a 3-train. The GWR (blue) owns a 4+4 train.
The CFR may run the 4+4 along the red line from A to G, which is 4 cities plus 3 towns. It may not continue from G to H, because that would make 5 cities, and it may not serve more than four.
The 3-train must use a different route; it runs H–B–I.
The 4+4 generates: 20 + 60 + 20 + 40 + 50 + 20 + 20 = 230.
The 3-train generates: 40 + 60 + 50 = 150.
In total, the CFR may therefore retain or distribute 380.
The GWR cannot run the same route as the CFR with its 4+4 because the route is blocked at point C. It runs from H to K and therefore generates: 50 + 60 + 20 + 40 = 170.
VII.3.7 Checking for a Track Connection / Closing Foreign Investors
At the end of an investor's turn (and only then), including after the end of phase B1, it is checked whether there is a track connection between the investor and the company whose share the investor has reserved (see VI.6 Founding and Starting a Company). In this case, a legal route is not required; only a physical track connection between the investor's station and a station of the company matters. Station markers therefore do not block this connection.
As soon as such a connection exists, the investor is closed. This means:
The owner receives the reserved 10% share free of charge as well as a connection bonus of Ł50 from the bank.
The company receives all of the investor's accumulated capital OR the owner may instead choose to take 20% of that capital into their personal treasury and return the rest to the bank. The company may replace the investor's home station with its own cheapest available station marker free of charge.
(Illustration caption: The British investor has established a connection with the DR.)
VII.3.8 Buying Trains
As the final action of its turn in an operating round, a company may buy one or more trains. Therefore, trains cannot be used in the same round in which they were purchased. If a company owns no train at the end of its turn, or only a rebuilt 2-train, it must buy a train (not a rebuilt 2-train) ("train obligation"). Note: This applies even if the company has no valid route.
Train Overview
| Type | Costs | Number |
|---|---|---|
| 2 | Ł 100 | 10 |
| 2+2 | Ł 180 | 5 |
| 3 | Ł 180 | 5 |
| 3+3 | Ł 300 | 5 |
| 4 | Ł 300 | 5 |
| 4+4 | Ł 600 | 3 |
| 6 | Ł 600 | 2 |
| 6E | Ł 700 | 2 |
| 8 | Ł 800 |
Buying trains may trigger a phase change with significant consequences (see VII.3.11 Game Phases).
New trains are bought from the bank in ascending order, with the smallest (2-trains) first (see table on the right). Only when all 2-trains have been sold may a 2+2 train be purchased, and so on. The price is the printed face value.
When a company buys a train from the bank, the train purchase marker is placed on the space next to that company's round marker. This shows which company most recently bought a train from the bank. When the last 6E train is bought or exported, the train purchase marker is moved one final time and then remains there for the rest of the game; it now marks the end of the three remaining rounds on the round track after the last stock round.
Companies may also buy trains from the train pool at face value (if any are available) or from other companies, if their president agrees. This is only allowed from phase B onward. The price is freely negotiable but must be publicly announced and be at least Ł1. The train purchase marker is not moved for these purchases.
Buying a train from another company always takes place during the buying company's train purchase step. A company may therefore only buy trains when it is its turn and may never sell trains.
Trains may never be sold back to the bank.
Trains may never be voluntarily scrapped. Scrapping occurs only during a phase change. For example, when phase C1 begins (triggered by the purchase of the first 4-train), all 2-trains are scrapped.
There is a limit to how many trains (including rebuilt 2-trains) a company may own ("train limit"). This limit depends on the phase:
- At the start of the game (phase A), each company may own up to 4 trains.
- During phases B2 and C, each company may own up to 3 trains.
- In phase D, each company may own up to 2 trains.
Trains that exceed the limit due to a phase change are placed in the train pool. No compensation is paid for them.
A company that has already reached its train limit may not buy a new train, even if doing so would trigger a phase change and cause some of its trains to be scrapped. However, it may trigger a phase change by buying a train while still within the current train limit, which may then reduce the train limit and possibly cause one of its trains to be scrapped.
From phase C2 onward, "rebuilt 2-trains" become available for purchase (on the reverse side of the 2-train cards). When buying a train, they are available as an alternative to the ascending train stack.
When a company buys the last train of a type (except rebuilt 2-trains), the operating round is interrupted and a stock round is conducted. After the stock round ends, the company whose turn it was before the interruption may buy additional trains.
VII.3.9 Emergency Funding
If a company is forced to buy a train in order to fulfill its train obligation and does not have sufficient operating capital, the president of the company must contribute the difference from their personal treasury. If the president cannot contribute enough money, they may sell shares. This happens immediately (not only during a stock round) according to the usual rules for selling shares, including the corresponding price changes and fees (see VI.4 Selling Shares). However, this must not cause a presidency change in any company.
The train may only be purchased from the bank or from the train pool, not from another company. If several trains are available, the cheapest must be bought. It may not be a rebuilt 2-train.
The president may not finance any additional train with personal money. They may also not contribute more money than necessary. After an emergency financing, the company's treasury contains no remaining Ł.
If the president does not want to or cannot sell any more shares, they are granted a loan for the missing amount. An immediate interest of 50% (rounded down) is added. Before the debtor may buy shares in this or a future stock round, they must fully repay the loan plus interest. This may be done at any time during their turn in a stock round. They may continue to sell shares. If they still have debt at the end of a stock round, an additional 50% interest (rounded down) is added each time.
VII.3.10 Exporting Trains
If no new train of the current type is purchased during a full round across all operating companies, all remaining trains of that type are exported. This means: when the company next to the train purchase marker takes its turn again and decides not to buy a train of the current type, all remaining trains of that type are removed from the game and a stock round follows. After the stock round, that company takes its turn again and may buy the first train of the new type, even if it declined to buy before the stock round.
Even if the company is required to buy a train because it currently owns none, it may initially decline to buy, thereby triggering a stock round, and then buy a train of the new type afterward to fulfill the train obligation.
8E trains are no longer exported.
VII.3.11 Game Phases
The game begins in phase A1 and proceeds through phases A2, B1, B2, C1, C2, D1, D2, D3, and D4. A phase change is triggered by the purchase (see VII.3.8 Buying Trains) or export of the first train of a new type (see VIII.3.10 Trains Are Exported). Each new phase brings the following changes:
Phase A1 (from the start of the game)
- Yellow track tiles are available.
- Train limit is 4.
- The yellow value of the red off-board connections is in effect.
- Companies float at 20%.
- Capitalization is 50%: companies receive five times the par value when founded.
- Only 50% of a company's shares are available.
Phase A2 (begins with the purchase or export of the first 2+2)
- No changes.
Phase B1 (begins with the purchase or export of the first 3)
- Green track tiles are available.
- Buying trains from other companies is now allowed.
- The green value of the red off-board connections is in effect.
- All shares of the companies are now available.
- A company must have sold 30% to begin operating.
- Once 50% of a company's shares have been sold, it receives the second 50% of its operating capital.
- Public companies may now always lay two yellow track tiles (or upgrade one).
Phase B2 (begins with the purchase or export of the first 3+3)
- The train limit is 3.
- The communist phase begins:
- From now on, there are no share price changes, neither in operating rounds nor in stock rounds. The Ł5 fee for selling shares still applies.
- A president may not sell shares of their own company.
- Private companies no longer pay dividends for the rest of the game.
Phase C1 (begins with the purchase or export of the first 4)
- All 2-trains are scrapped without compensation.
- Brown track tiles are available.
- The brown value of the red off-board connections is in effect.
- A company must have sold 40% to begin operating.
Phase C2 (begins with the purchase or export of the first 4+4)
- All 2+2 trains are scrapped without compensation.
- The communist phase ends: share price changes resume as normal, and a president may again sell shares of their own company.
- "Rebuilt 2-trains" become available.
Phase D1 (begins with the purchase or export of the first 6)
- The train limit is 2.
- All 3-trains are scrapped without compensation.
- Gray track tiles are available.
- The gray value of the red off-board connections is in effect.
- A company must have sold 60% to begin operating. Only then does it receive ten times the par value as operating capital. The "100%" card is now irrelevant.
- The cost of station markers is doubled.
Phase D2 (begins with the purchase or export of the first 6E)
- All 3+3 trains are scrapped without compensation.
- Gray track tiles are available.
- After the last 6E is purchased, the final stock round begins.
- After that, each company takes exactly three more turns.
Phase D3 (begins with the purchase or export of the first 8)
- All 4-trains are scrapped without compensation.
Phase D4 (begins with the purchase of the first 8E)
- No changes.
VIII. Stock Market Movement
VIII.1 General Information
The share prices of public companies are recorded on the stock market track. Private companies do not have a share price.
If a price marker cannot be moved further to the right because it reaches the edge of the stock market track, it is moved one space upward (as indicated by arrows). If it is already in the top row, it does not move.
If a price marker cannot be moved further to the left because it reaches the edge of the stock market track, it is moved one space downward (as indicated by arrows). If it is already in the bottom row, it does not move.
VIII.2 Price Changes During an Operating Round
If a dividend greater than Ł0 is paid, the price marker moves one space to the right.
If a company retains its revenue or pays a dividend of Ł0, the price marker moves one space to the left.
(Stock market legend: Sold out = up; No dividend paid = left; Dividend paid = right; For each 10% sold = down, with a Ł5 fee.)
VIII.3 Price Changes During a Stock Round
When shares are sold, the corresponding company's price marker moves down one space for each 10% sold. If the price marker is already in the bottom row, it does not move further. If, at the end of a stock round, all available shares of a company are in circulation (i.e. not in the bank), the price marker moves up one space. If the top of the stock market track has already been reached, the price remains unchanged.
VIII.4 Communist phase
During phases B2 and C1, share prices are frozen. The price markers do not move at all. Only with the purchase of the first 4+4 and the start of phase C2 do the price markers move again as described above.
IX. End of the Game
IX.1 General Information
The final stock round begins when the last 6E train is purchased. After that, each company takes exactly three more turns. This is indicated by the turn order marker on the game board ("Last 3 ORs"). The last company to operate is the one next to which the train purchase marker is located.
IX.2 Final Accounting
If an investor is still in play at the end of the game, the owner receives 20% of the capital accumulated there.
Players add the value of all their shares at the current market price to their cash. Any outstanding loan debts are then deducted.
Private companies and company assets in the form of trains or operating capital have no value at the end of the game.
The player with the greatest total wealth after this wins the game.
X. Summary for 18xx Veterans
General
- The game money is unlimited. The end of the game is triggered by the purchase or export of the last 6E train. After the final stock round, each company operates exactly three more times.
- At the end of the game, players add their cash and the value of all their shares at the current market price and subtract any loan debts. If an investor is still in play at the end, the owner receives 20% of the capital accumulated there.
Private Companies and Foreign Investors
Do not count toward the certificate limit.
Private companies are auctioned one at a time. If there is no bid for the first private company certificate, it is randomly assigned for free.
Private companies may not be sold to other players or to a company. Their special ability remains valid until the end of the game.
Each player receives a foreign investor for free. This reserves a 10% share of the first public company founded by the owner. If, at the end of an investor's turn in an operating round, there is a track connection between the investor and that company, the investor is closed. The owner receives the reserved 10% share for free and a connection bonus of Ł50 from the bank; the company receives all accumulated capital of the investor OR the owner may instead take 20% of that capital into their personal treasury and return the rest to the bank; the company may replace the investor's home station with its own cheapest available station marker for free.
When foreign investors operate in an operating round, they do so until the end of phase B1 by leasing the top train of the train stack (it remains on the stack) and retaining all revenue.
Stock Rounds
- The president's certificate represents, at the founder's choice, 20%, 30%, or 40%; correspondingly, the company receives building rights for three, two, or one phase. Until the end of phase A, only 50% of each company's shares are available. A player may own up to 100% of a company. The company's round marker is placed on a free row of the round track below the chosen par price.
- Sold shares return to the bank; there is no bank pool.
- Public companies begin operating once, depending on the phase A/B/C/D, 20%/30%/40%/60% of their shares have been sold. In phases A, B, and C the company receives 5× par value as operating capital, and the same amount again (no earlier than phase B) when 50% has been sold. In phase D it immediately receives 10× par value.
Operating Rounds
The round track determines the order of companies in the operating round and is processed cyclically from top to bottom. If the last train of the current type is bought or exported, the operating round is interrupted for a stock round.
When the first train of a new type is bought or exported, a new game phase begins.
Companies lay one or two track tiles; foreign investors lay only one.
A company may lay or upgrade track only if it has building rights for the current phase. Foreign investors' building rights are printed on them.
When a train is bought, this is marked with the train purchase marker (except for rebuilt 2-trains, purchases from the train pool, or from another company). When the company with the train purchase marker takes its turn again and does not buy a train of the current type, all remaining trains of that type are removed from the game (exported).
From phase C2 onward, rebuilt 2-trains are available (maximum one per company, on the reverse side of the 2-trains). They run like normal 2-trains, are never scrapped, count toward the train limit, but do not fulfill the train obligation. Their purchase does not move the train purchase marker.
The train obligation applies even if the company has no valid route. In an emergency purchase, the missing amount may be taken as a loan from the bank. Before the debtor may buy shares in a stock round, they must repay the loan plus 50% interest. If they still have debt at the end of a stock round, an additional 50% interest is added each time.
XI. Variants
XI.1 Transylvania (for 2 players, short)
- Starting capital: 350
- Certificate limit: 11
- Map: Play on the Transylvania map.
- Private companies: Only private companies no. 1, 3, 5, and 8 are used.
- Public companies: Only the four companies whose home locations are shown on the map are in the game.
- Foreign investors: Only Austria-Hungary, Serbia, and France are used. Each player chooses one of these investors at the start of the game as in the base game; the third is removed from play.
- Train mix: see table below.
All other rules of the base game remain unchanged.
Train overview – Transylvania
| Type | Costs | # |
|---|---|---|
| 2 | Ł 100 | 6 |
| 2+2 | Ł 180 | 3 |
| 3 | Ł 180 | 3 |
| 3+3 | Ł 300 | 2 |
| 4 | Ł 300 | 2 |
| 4+4 | Ł 600 | 2 |
| 6 | Ł 600 | 2 |
| 6E | Ł 700 | 1 |
| 8 | Ł 800 |
XI.2 Regatul României (Kingdom of Romania) (2–3 players, long)
- Starting capital: 2 players: 700; 3 players: 500
- Certificate limit: 2 players: 22; 3 players: 18
- Private companies: Only private companies no. 1, 4, 5, 6, and 7 are used.
- Public companies: Only the eight companies whose home locations are shown on the map are in the game.
- Foreign investors: Only the four foreign investors whose home locations are shown on the map are used.
- Train mix: see table below.
All other rules of the base game remain unchanged.
Train Overview – Regatul României
| Type | Costs | # |
|---|---|---|
| 2 | Ł 100 | 8 |
| 2+2 | Ł 180 | 4 |
| 3 | Ł 180 | 4 |
| 3+3 | Ł 300 | 4 |
| 4 | Ł 300 | 4 |
| 4+4 | Ł 600 | 4 |
| 6 | Ł 600 | 2 |
| 6E | Ł 700 | 1 |
| 8 | Ł 800 |
XI.3 Amira (for 2 players)
- Starting capital: 700
- Certificate limit: 22
- Map: Use the Regatul României map. Place the special red tile with the TR company's home base on the red-bordered hex of the game board.
- Use the Amira player board.
- Private companies: Only private companies no. 1, 4, 5, 6, 7, and 8 are used.
- Public companies: Only the nine companies whose home locations are shown on the map are in the game.
- Foreign investors: Only the four foreign investors whose home locations are shown on the map are used.
Amira:
There is a third player called Amira. She operates three companies.
Determining Amira's companies
- First company: determined randomly at the start of the game. Draw any available company except TR.
- Second company: determined randomly at the end of the stock round that begins with the purchase or export of the last 2+2 train. Draw one of the companies that has not yet been founded. If none are available, skip this step.
- Third company: determined randomly at the end of the stock round that begins with the purchase or export of the last 3+3 train. Draw one of the companies that has not yet been founded. If none are available, skip this step.
Amira always receives the 30% president's certificate of the determined companies. The remaining 70% are available for the players to buy.
Par prices of Amira's companies:
- First company: price 70 (third space).
- Second and third companies: the next free space after the train purchase marker.
How Amira's companies operate:
- Amira's companies function like foreign investors:
- They have no operating capital of their own.
- They pay no terrain or station costs.
- They never buy trains.
- They may always lay or upgrade exactly one track tile. In the gray phase, however, they no longer lay or upgrade tiles.
- They lease a train of the current train type from the bank (like foreign investors). Their revenue is always paid out in full.
Share price movement: As for public companies.
Decisions for Amira
The player with the Priority Deal marker decides:
- for the first and third companies, how track is built.
- for the second company, whether and how a station is placed.
The other player decides:
- for the second company, how track is built.
- for the first and third companies, whether and how a station is placed.
This is indicated on the Amira player board.
Train mix: see table below.
All other rules of the base game remain unchanged.
Train Overview – Amira
| Type | Costs | # |
|---|---|---|
| 2 | Ł 100 | 8 |
| 2+2 | Ł 180 | 4 |
| 3 | Ł 180 | 4 |
| 3+3 | Ł 300 | 3 |
| 4 | Ł 300 | 3 |
| 4+4 | Ł 600 | 3 |
| 6 | Ł 600 | 2 |
| 6E | Ł 700 | 1 |
| 8 | Ł 800 |
Tile Overview and Tile Upgrade Table
(The printed Tile Overview, the Tile Upgrade Table and the starting capital / certificate limit summary table (3 players: 600 / 20; 4: 480 / 16; 5: 400 / 14; 6: 360 / 12) appear as graphics on the last pages of the rulebook; the tile graphics are not transcribed.)