1899 DAIHAN Rulebook

Table of Contents

Table of Contents

• 2. Components
• 3. Game Setup
• 4. Game Overview
• 5. Private Auction
  • 5-1. Private Companies
  • 5-2. Auction Process
• 6. Stock Round
  • 6-1. Buying Shares
    • 6-1-1. Buying Shares from IPO
    • 6-1-2. Buying Shares from Open Market
    • 6-1-3. Restrictions on Buying Shares
  • 6-2. Floating a Corporation
  • 6-3. Selling Shares
    • 6-3-1. Restrictions on Selling Shares
  • 6-4. President's Certificate Transfer
  • 6-5. Certificate Limit
  • 6-6. End of the Stock Round
• 7. Operating Round
  • 7-1. Order of Operating Rounds
  • 7-2. Procedure for Each Corporation's Operation
  • 7-3. [A] Track Construction/Upgrade
    • 7-3-1. Track Construction
    • 7-3-2. Track Upgrade
    • 7-3-3. Restrictions on Track Construction/Upgrade
    • 7-3-4. Costs of Track Construction/Upgrade
  • 7-4. [B] Station Token Placement
  • 7-5. [C] Train Operation
    • 7-5-1. Operating Revenue
    • 7-5-2. Restrictions on Train Operation
• 8. Phase Progression
• 9. Game End
• 10. Private Companies List
• 11. Tile Manifest

2. Components

• 1 Game Board - depicts the landscape of the Korean Peninsula and includes a Stock Price track for each Corporation. The board note: the two bold black lines above the Incheon tiles are blocked and the track cannot be connected.
• 144 Track Tiles - track tiles are placed on the map to build tracks, allowing trains to run.
• 56 Corporation Tokens - corporation tokens represent the railway stations of each Corporation, which can be built in cities. These tokens are also used to indicate the Corporation's par value, current stock price, and revenue.
• 12 Product Hub Tokens - used to randomly determine the destination of goods.
• 8 Corporation Charters - representations of Corporations that hold their assets such as money and trains, along with their available station tokens.
• 72 Stock Certificates - represent ownership of each Corporation. Each Corporation has 10 shares, including one President's Certificate worth 2 shares.
• 7 Private Companies - privately owned companies with a par value, revenue, and special abilities. These are auctioned at the start of the game and can later be sold to Corporations.
• 276 Paper Money - represents the game's currency.
• 28 Trains - trains are purchased by Corporations to generate revenue by operating them along the tracks.
• 12 Executive Car Tokens - attached to trains to increase their efficiency.

3. Game Setup

A. Board: Place the game board in the center of the play area within every player's reach.

B. Stock Certificates: Separate the stock certificates by Corporation and place them in the IPO area of the board, with their President's Certificate on top.

C. Trains: Sort the trains by number and place them in the corresponding areas on the board.

D. Executive Cars: Place the Executive Car tokens in their designated area on the board.

E. Product Hub Tokens: Separate the land and sea trade route tokens and place them randomly on the "green side" at their corresponding locations on the board. Ensure that two identical good trade tokens are not placed on the same port. Only three land trade tokens are used.

F. Round Marker: Place the round marker on the "SR" space of the round track on the board.

G. Corporation Tokens: Place one token from each Corporation near the stock chart and par value chart on the board.

H. Kyeongin Railway Co. Station Token: Place a station token for the Kyeongin Railway Company on the Incheon tile.

I. Revenue Board: Place the revenue board next to the game board and place one token from each Corporation nearby.

J. Company Charters: Arrange the Corporation charters next to the board and place the remaining tokens for each Corporation nearby.

K. Track Tiles: Sort the track tiles by color and place them near the board.

L. Private Companies: Except for Seoul Tram, arrange the Private Companies in order of their par value next to the board. For the four companies with identical par values, shuffle them before placing them in order. Place the corresponding Product Source tokens on each Private Company. Place one 2-Train card on Kyeongin Railway Company. Place Seoul Electric Railway below Kyeongin Railway Company.

M. Money: Set the bank to exactly ₩7,600. Each player receives starting capital based on the number of players:

• 3 players: ₩440
• 4 players: ₩400
• 5 players: ₩380

N. Priority Deal Marker: Players seat in random orders. Give the Priority Deal marker to a random player.

4. Game Overview

The game is divided into three main stages: the Private Auction, Stock Rounds, and Operating Rounds. The Private Auctions only occur at the start of each game, then Stock Rounds and Operating Rounds will alter.

• Stock Rounds: Players buy and sell stocks, which adjusts stock prices accordingly. New Corporations may also be established.
• Operating Rounds: Established Corporations take actions, including building tracks and operating trains to generate revenue.

5. Private Auction

5-1. Private Companies

These are not public corporations, but privately-owned companies. They have a fixed par value and generate fixed revenue for their owners during each Operating Round. Most Private Companies can be sold to Corporations, offering strategic benefits before they are discarded.

5-2. Auction Process

Arrange the Private Companies in ascending order of par value, except for Seoul Tram. Shuffle the four companies with a par value of ₩50 before placing them. Place Seoul Tram at the bottom. In other words, Seoul Tram is auctioned last.

Starting with the player holding the Priority Deal marker and proceeding clockwise, players bid on the companies.

Players may bid the par value (or ₩5 more than the previous bid, in increments of ₩5) or pass.

Once a player passes, they can no longer bid on that Private Company. The last player to place a bid wins the Company and becomes the new starting player. They then either bid on the next Private Company or pass. If no one bids on a Company, its par value decreases by ₩5, and the auction restarts. If a Company's value reaches ₩0, the starting player must bid it for at least ₩0.

The auction continues until all Private Companies are sold. The player who wins the last Private Company takes the Priority Deal marker, and the first Stock Round begins.

Example (from the rulebook's auction illustration, Mining Partnership Co. at face value ₩50):

1. P1 bids ₩50 on C.
2. P2 passes.
3. P3 bids ₩55 on C.
4. P4 passes.
5. P1 bids again ₩60 on C.
6. P3 gives up and passes.
7. P1 wins the auction, purchasing C for ₩60.
8. Last winner P1 bids ₩50 on B.
9. Repeat.

6. Stock Round

Stock Round starts with the player who holds the Priority Deal marker, with turns proceeding clockwise. On a player's turn, they may take all or some of the following actions in the following order:

• A. Sell one or more shares they own.
• B. Buy one share.

They may also choose to take neither action and pass this turn. If the Stock Round does not end before their next turn, they can still take actions (sell or buy shares) on their subsequent turn.

6-1. Buying Shares

A player may buy one share certificate from either the IPO or the Open Market.

6-1-1. Buying Shares from IPO

Pay the par value to the bank to buy one share from IPO.

When a player purchases the first share of a Corporation, they must buy the President's Certificate (which is worth 2 shares). When doing so, the player sets the par value for the Corporation, choosing from ₩65, 70, 75, 80, 90, or 100. They should place one Corporation token on the Stock Market to reflect the chosen par value. Also, place another Corporation token on the Stock Market track, and pay the bank an amount equal to twice the par value, since that certificate is worth 2 shares.

6-1-2. Buying Shares from Open Market

Pay the current stock price, regardless of its par value.

6-1-3. Restrictions on Buying Shares

Players cannot buy shares from a Corporation if they have sold any of its shares during the current Stock Round.

6-2. Floating a Corporation

A Corporation floats immediately once only 5 shares remain in the IPO.

When a Corporation floats, place its Corporation charter in front of the player holding the President's Certificate, and place an amount of money equal to 10 times the par value on the charter. Additionally, place Corporation tokens on the charter, representing the number of stations available for the Corporation to place.

The number of stations a Corporation can place depends on its par value. If the par value is ₩65, 70, or 75, the Corporation may place two stations. If the par value is 80, 90, or 100, the Corporation can place three. During the immediate Operating Round, on the Corporation's turn, the Corporation can place one of these tokens on its designated starting location to begin operations.

Note that a Corporation's asset must be kept strictly separate from the personal assets of its controlling player. Do not mix these funds.

Corporations that have not floated cannot operate during the Operating Round, and their stock prices will decrease during the Dividend Decision step. Ensure that Corporations are floated whenever possible.

6-3. Selling Shares

On a player's turn, they can sell any number of shares they already own. By doing so, they receive an amount of money from the bank equal to the current stock price shown on the Stock Market. For each share sold, the Corporation's stock token moves down one space on the Stock Market, unless the token is already at the bottom of its column, in which case it stays there. Sold shares do not return to the IPO, but instead go to the Open Market.

6-3-1. Restrictions on Selling Shares

• No more than 5 shares of each Corporation can be sold to the Open Market.
• The President's Certificate cannot be sold to the Open Market unless it is exchanged into two certificates of the same Corporation from another single player.
• Shares that were bought in the current Stock Round cannot be sold in the same round. However, if you owned shares of that Corporation from a previous round, you may sell those shares that were not purchased in this round.

6-4. President's Certificate Transfer

If another player owns more shares than the player holding the President's Certificate, they must immediately exchange two shares for the President's Certificate.

If the current President sells enough shares to lose control of their presidency, the player with most shares becomes the new President.

If multiple players hold an equal number of shares, the new President is the player closest clockwise to the seller, as long as they hold at least two shares. The exchange occurs between the President's Certificate with shares of equal value.

6-5. Certificate Limit

The number of certificates a player may hold depends on the number of players:

• 3 players: 20 certificates.
• 4 players: 16 certificates.
• 5 players: 13 certificates.

This limit is based on the number of certificates, not the number of shares. The President's Certificate counts as one certificate, even though it represents two shares. This allows players with President's Certificates to hold more shares.

If a player exceeds the certificate limit due to a change in presidency, they must sell shares during their next turn to comply with the limit.

6-6. End of the Stock Round

Stock Round ends when all players consecutively pass.

The Priority Deal marker is passed to the player to the left of the last player who took an action other than pass.

If all 10 shares of a Corporation are held by players, its stock price moves up one space unless it is already at the top of its column, in which case it does not move.

Move the Round Marker to the first space of the Operating Round for the current Phase.

7. Operating Round

All Corporations that have floated proceed into Operating Rounds, conducted by their respective Presidents.

7-1. Order of Operating Rounds

All Private Companies simultaneously pay revenue to their owning player. Then, Corporations operate in descending stock price order.

In cases of tie, the Corporation whose token is rightmost on the Stock Market track operates first.

If tokens are on the same space, the Corporation that has reached there first operates first.

7-2. Procedure for Each Corporation's Operation

• [A] Track Construction/Upgrade
• [B] Station Token Placement
• [C] Train Operation
• [D] Dividend Decision
• [E] Train/Executive Car Purchase
• [X] Private Company Purchase

Steps A-E must be performed in order. Step X can be performed at any point within the Corporation's turn.

7-3. [A] Track Construction/Upgrade

A Corporation may lay one track tile or upgrade an existing tile.

7-3-1. Track Construction

A Corporation may place a yellow tile on a space without an existing track. (The printed sentence reads "a yellow tile placed on a space"; the verb is supplied here.)

The map contains various icons:

• Empty spaces require a track tile with no town or city.
• A black dot indicates a town, where a town tile must be placed.
• A white circle represents a city, where a city tile must be placed.

7-3-2. Track Upgrade

To upgrade a track, replace an existing tile with one of a higher rank. Existing tracks, towns, and cities must be preserved. A yellow tile can be upgraded into a green tile, and a green tile into a brown tile.

7-3-3. Restrictions on Track Construction/Upgrade

Tracks may only be constructed or upgraded on locations connected to the Corporation's station tokens. If the Corporation's starting station location is empty, the track must be placed there.

Tracks cannot be constructed or upgraded in a way that one or more tracks run into the sea, meaning certain coastal tiles cannot be upgraded.

Additionally, if there are no available track tiles, the player cannot construct or upgrade tracks.

7-3-4. Costs of Track Construction/Upgrade

Laying track is free unless special cost is indicated on the map. Building track on mountain or river spaces costs ₩80, which the Corporation must pay.

Upgrading a track is always free. Tracks with Goods tokens can also be upgraded.

7-4. [B] Station Token Placement

After laying or upgrading a track, the Corporation may place a station token in a city connected to at least one station the Corporation owns.

In the immediate Operating Round a Corporation has floated, a station token is automatically placed for free on the designated starting location. If there is only one available station space at that location before the Corporation floats, other Corporations may not place station tokens there to block it.

In subsequent Operating Rounds the Corporation may place one station token per round in an empty city space connected to its existing tokens for a cost of ₩40.

Once placed, station tokens cannot be removed, and the number of tokens cannot exceed the amount allocated during the IPO.

7-5. [C] Train Operation

7-5-1. Operating Revenue

The Corporation may run its trains along constructed tracks, earning revenue by connecting different cities, towns, ports, and border areas. The revenue is calculated by adding the total income from the areas the train passes through.

The number on each train represents the maximum number of cities, towns, ports, or border areas it can generate revenue from. The train cannot skip over revenue-generating locations to reach others with higher revenue. Diesel trains (D trains) have an unlimited range and can generate revenue from all connected locations they run through.

7-5-2. Restrictions on Train Operation

Each train must pass through at least one city with the corporation's station token. If running multiple trains, they may pass through the same city but not along the same track segment.

Reversing direction at a junction, where 2 track segments overlap at a hex edge, is considered to be reusing track and is thus prohibited.

A train cannot generate revenue from the same city or town more than once during the same operation round.

If all station spaces in a city are occupied by other Corporations, the train cannot pass through that city, though it may still serve as the starting/ending point and generate revenue. However, the Corporation cannot build or upgrade tracks or place stations beyond that city.

7-5-3. Executive Car

Each train can have one Executive Car attached to it, which is purchased during Step [E] Train/Executive Car Purchase. Executive Cars allow the train to pass through one additional revenue-generating location, but the train still collects revenue only from the number of locations indicated by its original capacity.

7-5-4. Goods Transport

Certain ports and border areas have Goods tokens, which represent additional revenue when transported. The Goods are considered transported when a train passes through a tile with a Goods token and reaches a destination with a corresponding collection point. (The printed illustration shows example goods values of ₩30 and ₩40.)

A Corporation may transport Goods using multiple trains, provided all other train operation rules are followed. However, a single set of goods can only be transported to one collection point, and a Corporation may only transport one Goods once per round.

Furthermore, a Corporation may transport two or more Goods to their respective (or the same) ports of shipment in one turn and receive the transportation fees for each Goods.

If an Executive Car is attached, the goods are considered transported even if no revenue is collected from the collection point. Goods transported through multiple trains are still counted, even if no revenue is generated from intermediate locations.

7-6. [D] Dividend Decision

After calculating revenue from train operations, the Corporation must decide whether to pay dividends or retain the earnings.

7-6-1. Dividends

If dividends are paid, all revenue is distributed among the shareholders. Each Corporation has 10 shares, so divide the revenue by 10, and each shareholder receives an amount proportional to the number of shares they hold. The payout is collected from the bank.

Any shares that are unsold in the IPO belong to the bank, and no dividend is paid for those shares. Shares in the open market pay dividends to the Corporation itself.

After paying dividends, the Corporation's stock price moves one space to the right. If the space is blocked, the stock price moves up one row.

7-6-2. Withholding Dividends

If the Corporation withholds dividends, all revenue is retained by the Corporation, and the stock price moves one space to the left.

A Corporation that has not yet floated or does not own any trains during this turn is considered to have automatically withheld dividends, and its stock price moves one space to the left.

If the stock token is already in the leftmost space of its row, it moves one space down instead.

7-7. [E] Train/Executive Car Purchase

A Corporation that does not have a train must buy one. The newly purchased train can operate starting from the next Operating Round.

Trains can be bought from the train market or from another Corporation. Corporations may own trains up to the limit. Once the limit is reached, no more trains can be purchased.

Executive Cars can also be purchased and attached to any train, including previously owned trains. Once attached, an Executive Car cannot be removed. If a train is rusted, its Executive Car is returned to the supply and becomes available for purchase.

7-7-1. Purchasing Trains from the Train Market

Trains are arranged in ascending order by number, and trains of the next number may only be purchased after all of the previous number have been sold. Diesel (D) trains may only be purchased after a 6-Train is sold.

The price of each train is listed on the train market. Diesel trains cost ₩800 if the Corporation scraps one of its existing trains.

Purchasing a diesel train from the train market advances the corporation's stock price by 1-3 spaces, depending on the current Operating Round number, but only if bought with full funds from the Corporation, not with any personal savings of the President.

7-7-2. Purchasing Trains from Other Corporations

Corporations may buy trains from other Corporations if the Presidents agree on a price of at least ₩1. If both Corporations have the same President, that player may decide the price by themself.

7-7-3. Phase Changes

Each time the first train of a new number is purchased, the game enters a new Phase. New Phases introduce upgraded track tiles, changes to revenue for ports and border areas, additional Operating Rounds after Stock Rounds, and the forced rusting of certain trains.

7-7-4. Train Rusting

When the game reaches a new Phase, trains of certain types (2-, 3-, or 4-trains) must be immediately removed from the game.

7-7-5. Train Limits

The number of trains a Corporation may own may decrease with Phase changes. If a Corporation exceeds the limit, it must immediately scrap the cheapest trains until it complies with the limit.

A Corporation may purchase a new train just before a Phase change, even if it would exceed the limit after the change. The new limit takes effect once after the Phase changes.

For example, a corporation with three 3-Trains can purchase the first 4-Train in Phase 3. However, as soon as it purchases the 4-Train, the game enters Phase 4, and the train limit is reduced to three. Therefore, the corporation must remove one train to comply with the new limit.

In addition, a corporation can purchase a D Train for ₩800 by scrapping a 4-Train in Phase 6. In this case, as the game enters the D Phase, all 4-Trains owned by other corporations are retired.

7-7-6. Forced Train Purchase

A Corporation without a train must purchase one. If it cannot afford a train from another Corporation or the train market, the President must contribute their personal savings to cover the cost of exactly one train. The shareholder may not contribute more than necessary to purchase one train.

If the President's personal savings are insufficient to cover the charge, they must sell shares to raise the required amount. The selling procedure must follow all share selling rules and should not lose their presidency when selling. Only the minimum number of shares necessary to cover the train purchase may be sold.

If the player is still unable to cover the cost, the selling will be cancelled, they are bankrupt, and the game ends immediately.

7-8. [X] Purchasing Private Companies

During the 3rd and 4th Phase, a Corporation can purchase a Private Company at any point during its Operating Round. The price is negotiated between the Corporation's President and the owner of the Private Company, within a range of 50% to 200% of the Company's face value. If the President and the owner are the same person, they may decide the price alone.

Once purchased, any strategic benefits of the Private Company are applied immediately. After the purchase, the Private Company is discarded (and therefore does not create revenue) and no longer available for purchase.

7-9. End of Operating Round

Move the Operating Round marker to the next round. The number of operating rounds is determined by the end of the current Stock Round.

Even if the Phase change causes number of Operating Rounds in between Stock Rounds to change, it does not take effect until the end of the next Stock Round.

8. Phase Progression

As the Phases advance, train availability decreases, tile colors and rules expand to incorporate additional revenue and gameplay mechanics, such as rusting of older trains and removal of Private Companies.

9. Game End

Bankruptcy: If any player goes bankrupt, the game ends immediately.

Bank Depletion: Once the bank's initial ₩7,600 is depleted, the bank becomes unlimited. Players must add funds or track money manually.

If this occurs in a Stock Round, finish it, play one more set of Operating Rounds, then end the game. If it occurs in an Operating Round, complete the set of Operating Rounds, then end the game.

Diesel Train Purchase: When the first Diesel (D) train is purchased, complete the current set of Operating Rounds, then end the game.

At the game's end, each player calculates their total wealth by adding the value of their stocks (based on the current stock prices) and their cash on hand.

Note that the money held by Corporations is not counted toward player totals.

The player with most money wins.

10. Private Companies List

Each Private Company card shows its face value and revenue as follows. The printed list is reproduced in card order.

• A. Seoul Tram - Face value ₩20, revenue ₩5. Card text: "When this company is sold to the corporation or discarded, immediately upgrade Hansong with a green tile." Rules text: HANSEONG tile cannot be upgraded while this Company is not sold or discarded.
• B. Grain Export Association - Face value ₩50, revenue ₩10. Card text: "When this company is sold to a corporation, construct one additional track for free immediately in one empty paddy field and place a mill token on that tile." Track for construction must connect to the Corporation's existing tracks (see note below the list).
• C. Mining Partnership Co. - Face value ₩50, revenue ₩10. Card text: "When this company is sold to a corporation, construct one additional track for free immediately in one empty coal seam and place a coal mine token on that tile."
• D. Joseon Mining Company - Face value ₩50, revenue ₩10. Card text: "When this company is sold to a corporation, construct one additional track for free immediately in one empty gold vein and place a gold mine token on that tile."
• E. Ginseng Public Company - Face value ₩50, revenue ₩10. Card text: "When this company is sold to a corporation, construct one additional track for free immediately in one empty ginseng field and place a red ginseng token on that tile."
• F. Park Ki-jong - Face value ₩60, revenue ₩15. Card text: "Not available for sale to the corporation. Can be exchanged for one share of the Buha Railroad / Yeongnam Railway's IPO stock." Rules text: (with pre-action).
• G. Kyeongin Railway Co. - Face value ₩120. Card text: "Owns a station in Incheon and a 2-train. Operate a 2-train on the Hansong-Incheon route each operating round, providing 50% of the revenue to the owner. Can be sold to a corporation that can operate to Incheon." The remaining 50% revenue goes to the bank. When a Corporation acquires this Private Company, it converts the Kyeongin Railway Co. station token to one of its own, taken from the supply, and also acquires a 2-train. This allows the Corporation to operate the 2-train in its first Operating Round, generating dividends immediately. If the Corporation exceeds the train limit, the 2-train must be discarded. At the start of the 4th Phase, the 2-train is rusted and the Company no longer generates revenue. If the Company is not purchased by the start of the 5th Phase, the Kyeongin Railway Co. station token in Incheon is removed from the game.

Note on B, C, D and E (printed under the list): For Companies B, C, D, and E, granted track for construction must connect to the Corporation's existing tracks. This track cannot be constructed on resource tiles with tracks already built.

11. Tile Manifest

The tile manifest lists each tile, its count in the game (a "map" mark means the hex is pre-printed on the board, not a counted tile), and its legal upgrades. An X means the tile has no legal upgrade. Tile numbers are the printed numbers on the tiles. The table is reproduced from the printed graphic.

Tile	#	Legal upgrades
Plain beige hex (pre-printed)	map	7, 8, 9
Beige hex with town dot (pre-printed)	map	3, 4, 58
Beige hex with city circle (pre-printed)	map	5, 6, 57
7 (yellow)	6	26, 27, 28, 29
8 (yellow)	12	16, 19, 23, 24; 25, 28, 29
9 (yellow)	12	19, 20, 23, 24; 26, 27
3 (yellow)	6	X
4 (yellow)	6	X