1825

1. Setting, map and number of players
1830 covers the northeastern USA for 2-6 players on a single fixed map. 1825 — Tresham's modular successor to his own 1829, the game that started the genre — moves the action to Victorian Britain and is sold as three independent Units (Unit 1: South-East England, Unit 2: the Midlands, Unit 3: Northern England and Scotland) that can be played alone or combined. Depending on the combination, player count ranges from 2 (Unit 3 on its own, an unusually low count for the genre) up to 8-9 when all three Units are combined with the regional kits.

2. Historic companies with a printed par value, not chosen
In 1830 the player who founds a company chooses its opening price (typically between 67 and 100). In 1825 each of the fourteen historic British companies (LNWR, GWR, Midland, Caledonian, GER...) already has its par value printed on the certificate — between £67 and £100 — and no player can choose it: shares always sell at that fixed price.

3. Privates sold in price order, not auctioned
In 1830 the six private companies are distributed through a blind auction at the start of the game. In 1825 there is no auction: privates go on sale in ascending price order during the first Share Dealing Round, and each player, on their turn, can only buy the one currently on offer at its marked price or pass.

4. Share price is moved by company performance, not by players
In 1830 every buy or sell during the stock round immediately shifts the share price up or down. In 1825 buying or selling shares never changes the price at all: it's only reassessed once, at the end of the company's operating turn, based on whether it paid a dividend and how much it earned relative to its value.

5. No personal bankruptcy: Receivership replaces a struggling president
In 1830, if a company can't pay, the burden eventually falls on the president's personal cash. In 1825 players' money and companies' "Company Credits" are completely separate pools: no player ever puts in their own money. If no shareholder is willing to hold the two shares needed to become director, the company instead passes into Receivership (usually run by the banker).

6. A company in Receivership follows its own rules
1830 has no equivalent of this: in 1825, while a company is in Receivership it must always retain its full earnings (it never pays a dividend), and if it can't afford a train it can lease one from the bank's unsold stock for just £10 a turn instead of buying it.

7. Only three phases, and the first 4-train triggers none of them
In 1830 every new train type triggers a new phase. In 1825 there are only three phases total: Phase Two begins with the first 3-train and Phase Three with the first 5-train; buying the first 4-train, oddly, doesn't open a new phase at all.

8. 2-trains last longer before rusting
In 1830, 2-trains typically rust once the first 4-train is bought. In 1825 they survive longer: they aren't withdrawn until the first 5-train is bought, meaning they're still in play after 3-trains and 4-trains have already entered the game.

9. A second end-game trigger: hitting the top of the price chart
In 1830 the game only ends when the bank runs dry or the last train of the last type is bought. 1825 adds another ending: if any company's share price reaches the top square of the Share Price Index (SPI), the game stops at the end of that company's turn — even if the bank still has money left.

10. Flat cost for extra station tokens, same for every company
In 1830 the cost of additional tokens varies by company (each has its own cost table). In 1825 the cost is identical for every company: the first extra token costs £40 and every one after that costs £100, with no exceptions.

1825 — Schematic summary (vs 1830)

SETTING

• Victorian Britain, in three modular Units (Unit 1: South-East England, Unit 2: the Midlands, Unit 3: Northern England and Scotland) that can be combined
• 2 to 9 players depending on the combination of Units and kits used

COMPANIES AND PRIVATES

• 14 historic companies with a printed par value (£67-£100), not chosen by the founder
• Privates sold in ascending price order during the first Share Dealing Round, no auction
• Flat cost for extra station tokens across all companies (£40 for the first, £100 for each after)

STOCK MARKET

• Share price only changes based on company performance (dividend and earnings), never from player trading

BANKRUPTCY AND RECEIVERSHIP

• No personal bankruptcy: players' money and companies' Company Credits are fully separate
• Company with no available director → Receivership: always retains earnings and can lease trains from the bank for £10/turn

TRAINS AND GAME END

• Only 3 phases; the first 4-train triggers none of them
• 2-trains don't rust until the first 5-train is bought
• Game also ends if a company's share price hits the top of the price chart (SPI), in addition to the bank running dry