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1817

Designer: Craig Bartell, Tim Flowers

An aggressive, finance-heavy 18xx for large groups, with loans, short selling, and hostile mergers between companies.

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1817 Contents

How it works

Setup

$1,260 split among the players (4 players: $315 each)
Unlimited bank: the game never ends for lack of money
Bank of New York: 70 loans of $100, starting interest $5
Auction of the 11 privates, with $200 of seed money covering part of the price
Unsold privates leave the game

Stock round ×1

In turn, each player, in this order:
· sell shares (not 2-share companies)
· short one share
· buy one share or start a company
Or act for a company: loans and share buybacks
At the end: 100% player-owned goes up; each share in the market goes down

Operating round ×2

Interest rate is set; mail contracts pay
Each company, highest share price first:
1. Up to 2 tiles (the 2nd costs $20; only 1 upgrade)
2. One station, if it has any on its charter
3. Trains: cities, mines and off-board areas
4. Pay out, pay half or withhold
5. Buy trains
6. Pay interest and repay loans
At the end, the bank exports the next train

Mergers and acquisitions ×2

After each operating round
Convert (2→5, 5→10 shares) or merge
Liquidate companies in the red zone
Buy companies in the grey zone (from $10)
Offer companies for sale to other companies

↻ Repeats until the end

End

The first 8-train is bought or exported
3 more operating rounds are still played
Net worth = cash + shares − shorted shares, at current share price
Company assets and privates don't count
If all but one go bankrupt, the survivor wins

Components

Players

Cash
Shares: at most 6 of a 10-share, 3 of a 5-share or 2 of a 2-share
Short shares: a debt that pays the dividends
Liable for their companies' debts

Companies

2, 5 or 10 shares, no fixed home city
The president wins the opening auction
Treasury, trains, stations
Loans: as many as shares; each one lowers the share price

Bank and market

Unlimited bank
Bank of New York: loans and interest
Open market and shares to short
New trains

Privates

Coal mines, bridges, engineers, mail…
Never close and can't be resold
Can be used to pay for starting a company

Where the money goes

Players Companies The winning opening bid (cash or privates) and shares bought from the treasury
Players Bank and market Buying from the open market, privates, and the dividend on each short share
Bank and market Players Dividends, sales and short sales
Bank and market Companies $100 loans, withheld revenue, mail contracts
Companies Bank and market Trains, terrain, interest, loan repayment, stations
Companies Companies Buying another company or its trains
Players Companies President's cash to buy a train: doesn't exist

Phases

Start

2 · $100

Yellow only; 2-share companies; 4 trains

End of operating round 1

2+ · $100

Unsold 2-trains are removed

1st 3-train

3 · $250

Green; 2- or 5-share companies

1st 4-train

4 · $400

2s rust; 2+s get one last run; 3 trains; 5-share only

1st 5-train

5 · $600

Brown; 5- or 10-share companies

1st 6-train

6 · $750

3s rust; 2 trains; 10-share only

1st 7-train

7 · $900

Grey

1st 8-train

8 · $1,100

4s rust; no more shorting; final countdown

No company has to own a train, but if it ends its turn without one, it's liquidated.
Each operating round, the interest rate is set by the number of loans out: the more debt on the table, the pricier it gets for everyone.

A round, step by step

Illustrative example based on the one in the rulebook's strategy guide (section 11.1.3): 4 players with $315 each. We follow [P1] and the 2-share company they start in Indianapolis, the [WT], through the first stock round and the two operating rounds after it.

Initial auction A private with some help Phase 2

The privates are auctioned with $200 of seed money on the table. [P1] opens the Minor Coal Mine (value $30) with a $10 bid and nobody raises. They pay $10 and the seed money covers the missing $20.

Bid plus seed money must reach the private's value, and no bid may exceed it.

[P1] cash

$305

[WT] treasury

—

[WT] share price

—

[WT] loans

—

[WT] trains

—
Stock round 1 Starting the [WT] Phase 2

On their turn, [P1] starts the [WT]: they place its station in Indianapolis and open the auction for the president's certificate at $100. [P3] bids $110, [P1] $120 and [P3] passes. The share price is half the bid: $60.

The auction runs from $100 to $400. The winner picks a size the phase allows: right now only 2-share companies.

[P1] cash

$185

[WT] treasury

$120

[WT] share price

$60

[WT] loans

0

[WT] trains

—
Stock round 1 The whole company is theirs Phase 2

The full $120 goes to the treasury. In a 2-share company, the president's certificate is the whole company: [P1] will collect all its dividends, but can't sell it to the market.

They hang on to the Minor Coal Mine: later on they can use it, at face value, to pay part of another company's start.

[P1] cash

$185

[WT] treasury

$120

[WT] share price

$60

[WT] loans

0

[WT] trains

—
Stock round 1 Everyone passes Phase 2

The round ends when everyone passes in a row. Then share prices are adjusted: 5- and 10-share companies go up one space if fully sold and down one for each share in the market. The [WT], a 2-share company, doesn't move.

[P1] cash

$185

[WT] treasury

$120

[WT] share price

$60

[WT] loans

0

[WT] trains

—
Operating round 1.1 Interest at $5 Phase 2

Before operating, the loan interest rate is set. Nobody has borrowed yet: $5 per loan for the whole round. Companies operate from highest to lowest share price.

[P1] cash

$185

[WT] treasury

$120

[WT] share price

$60

[WT] loans

0

[WT] trains

—
Operating round 1.1 Two tiles Phase 2

The [WT] lays the yellow Indianapolis city with exits to the northwest and northeast. It pays $20 for a second tile, a straight running from Indianapolis's northwest exit up to Chicago.

Never more than two track actions per turn, and only one may be an upgrade.

[P1] cash

$185

[WT] treasury

$100

[WT] share price

$60

[WT] loans

0

[WT] trains

—
Operating round 1.1 No trains, price drops Phase 2

It has no trains yet: it doesn't run and pays nothing. The share price drops one space, from $60 to $55.

[P1] cash

$185

[WT] treasury

$100

[WT] share price

$55

[WT] loans

0

[WT] trains

—
Operating round 1.1 Two loans Phase 2

It takes the 2 loans a 2-share company is allowed: $200 comes in and the share price drops one space for each, down to $45.

The president is personally on the hook for the company's debt.

[P1] cash

$185

[WT] treasury

$300

[WT] share price

$45

[WT] loans

2

[WT] trains

—
Operating round 1.1 Two 2-trains Phase 2

It buys two 2-trains from the bank at $100 each. 2-trains are only sold in this first operating round, and they earn a lot.

[P1] cash

$185

[WT] treasury

$100

[WT] share price

$45

[WT] loans

2

[WT] trains

2 + 2
Operating round 1.1 Paying interest Phase 2

It pays $5 per loan: $10. The turn ends with $90 in the treasury. At the end of the round the bank exports a 2-train: the unsold ones are removed and the 2+ trains arrive.

If it couldn't pay even by taking more loans, the company would be liquidated and the president would pay out of their own pocket.

[P1] cash

$185

[WT] treasury

$90

[WT] share price

$45

[WT] loans

2

[WT] trains

2 + 2
Mergers and acquisitions 1.1 No merger, no sale Phase 2

In the merger round, [P1] could convert the [WT] into a 5-share company or merge it with another 2-share. They don't. At $45 it's in the white zone, so nobody can buy it against their will.

Had it fallen into the grey zone, any other company could have bought it for just $10, debts included.

[P1] cash

$185

[WT] treasury

$90

[WT] share price

$45

[WT] loans

2

[WT] trains

2 + 2
Operating round 1.2 Interest goes up Phase 2

With all the loans taken around the table, interest for this round is $15. The [WT] pays $20 to lay two curves linking Indianapolis's northeast exit to the east side of Chicago.

[P1] cash

$185

[WT] treasury

$70

[WT] share price

$45

[WT] loans

2

[WT] trains

2 + 2
Operating round 1.2 Two routes to Chicago Phase 2

Each 2-train runs Indianapolis–Chicago on a different line: $50 each, $100 in total. The [WT] withholds it all, and the share price drops to $40.

Two trains can visit the same cities but can't share any track section. That's why it needed two connections.

[P1] cash

$185

[WT] treasury

$170

[WT] share price

$40

[WT] loans

2

[WT] trains

2 + 2
Operating round 1.2 A 2+ train Phase 2

It buys a 2+ train for $100. The limit in this phase is 4 trains. The 2+ will survive one run longer than the 2s when the 4-trains arrive.

[P1] cash

$185

[WT] treasury

$70

[WT] share price

$40

[WT] loans

2

[WT] trains

2 + 2 + 2+
Operating round 1.2 Pricier interest Phase 2

Now the 2 loans cost $15 each: $30. The [WT] ends with $40 in the treasury and at $40, the last white space before the grey zone.

With interest below $20, borrowing to get more trains usually pays off.

[P1] cash

$185

[WT] treasury

$40

[WT] share price

$40

[WT] loans

2

[WT] trains

2 + 2 + 2+
Towards stock round 2 What now? Phase 2

The guide's plan: once green is out, upgrade Indianapolis, extend to Saint Louis, withhold $220 and repay both loans (each one moves the share price up a space). After that, pay everything out before the 2-trains rust with the first 4-train.

[P1] cash

$185

[WT] treasury

$40

[WT] share price

$40

[WT] loans

2

[WT] trains

2 + 2 + 2+

1817 — Summary

Capitalization type

Incremental capitalization: the company collects the par price each time one of its shares is actually sold, instead of receiving its full capital at once when it floats.

Companies float with 20% of shares sold (single threshold for all corporations)
No player may hold more than 100% of a single corporation (the classic 60% cap doesn't apply)
Certificate limit per player: 3 players — 21; 4 players — 16; 5 players — 13; 6 players — 11; 7 players — 9; 8 players — 8; 9 players — 7; 10 players — 6; 11 players — 6; 12 players — 5

Starting cash by player count

3 players: $420 starting cash
4 players: $315 starting cash
5 players: $252 starting cash
6 players: $210 starting cash
7 players: $180 starting cash
8 players: $158 starting cash
9 players: $140 starting cash
10 players: $126 starting cash
11 players: $115 starting cash
12 players: $105 starting cash
The bank is practically unlimited (no fixed size): the end of the game never depends on it running dry

End game triggers

The final phase is reached (phase 8, triggered by the purchase of the first 8-train): one more full set of operating rounds is played, then the game ends
A player goes bankrupt: immediate end, but only once all players but one have gone bankrupt (not on the first individual bankruptcy)

Number of phases

8 phases (2, 2+, 3, 4, 5, 6, 7, 8), triggered by the purchase of the first train of each type
Phases also set the maximum allowed corporation size: 2 shares in phases 2/2+, 2 or 5 in phase 3, 5 in phase 4, 5 or 10 in phase 5, and 10 from phase 6 onward

Train list and prices

2 train — $100 (40 units; rusts once the first 4-train is bought)
2+ train — $100 (4 units; becomes obsolete once the first 4-train is bought, but isn't removed)
3 train — $250 (12 units; rusts once the first 6-train is bought)
4 train — $400 (8 units; rusts once the first 8-train is bought)
5 train — $600 (5 units; never rusts)
6 train — $750 (4 units; never rusts)
7 train — $900 (3 units; never rusts)
8 train — $1,100 (unlimited; buying it triggers the game's final phase)

List of private companies

P1 - Minor Coal Mine — $30 — one mine marker; lets the owner build a yellow "coal mine" tile ignoring mountain terrain cost and adding a $10 bonus to the route
P2 - Ohio Bridge Company — $40 — one $10 bridge token at Louisville, Cincinnati, or Charleston; skips the $10 river fee when laying yellow tiles
P3 - Mountain Engineers — $40 — the owning corp receives $20 after laying a yellow tile on a mountain hex
P4 - Pittsburgh Steel Mill — $40 — may place a special yellow tile at Pittsburgh (F13) regardless of connectivity
P5 - Coal Mine — $60 — two mine markers (same ability as P1)
P6 - Minor Mail Contract — $60 — pays $10 at the start of each operating round while the corp has a train
P7 - Train Station — $80 — an extra station marker for the owning corp
P8 - Union Bridge Company — $80 — two $10 bridge tokens
P9 - Mail Contract — $90 — pays $15 at the start of each operating round
P10 - Major Coal Mine — $90 — three mine markers
P11 - Major Mail Contract — $120 — pays $20 at the start of each operating round

List of corporations

20 corporations, all sharing the same format (floats at 20%, 100% of capital split into shares that can later be converted from 2 to 5, and from 5 to 10 shares), with no fixed home: each company chooses its starting city when it's founded
Alton & Southern Railway (A&S), Arcade and Attica (A&A), Belt Railway of Chicago (Belt), Bessemer and Lake Erie Railroad (Bess), Boston and Albany Railroad (B&A), Delaware, Lackawanna and Western Railroad (DL&W), Elgin, Joliet and Eastern Railway (J), Grand Trunk Western Railroad (GT), Housatonic Railroad (H), Morristown and Erie Railway (ME), New York, Ontario and Western Railway (NYOW), New York, Susquehanna and Western Railway (NYSW), Pittsburgh, Shawmut and Northern Railroad (PSNR), Pittsburgh and Lake Erie Railroad (PLE), Providence and Worcester Railroad (PW), Rutland Railroad (R), Strasburg Railroad (SR), Union Railroad (UR), Warren & Trumbull Railroad (WT), West Chester Railroad (WC)

Game-specific mechanics

Corporate loans with variable interest based on total outstanding debt (up to 2 loans for "minor" companies, up to 5 for large ones)
Short selling: you can sell shares you don't own
Dedicated merger and acquisition rounds (friendly or hostile) between operating companies
2-share "minor" companies that over time convert into 5-share, and later 10-share, companies
Private companies never close: they keep generating revenue for the whole game
Initial private auction with "seed" money ($200) and bids that must be multiples of a fixed increment
A player who can't cover their own personal debts can be eliminated from the game

Emergency sell

There is no emergency sell for trains at all: companies are never required to own one, and the president can never contribute personal cash toward buying one. A company that ends its operating turn with no train is simply liquidated instead. 1817 does have a distinct forced personal-share-sale mechanic, called a "Cash Crisis," but it's only triggered by unpaid loan interest, an eliminated company's outstanding loans, or an unpaid short-sale obligation — never by trains. In a Cash Crisis the player sells shares of any company they hold (one at a time, at market price) until the debt is cleared or they go bankrupt themselves; the president's own certificate can never be forced onto the market this way.

Comparison with 1830

1. Setting, map and number of players
1830 covers the northeastern USA for 2-6 players. 1817 has a much bigger map that covers practically the entire territory of the United States (or Canada, in the 1817NL variant), and is designed for large groups, typically 5 to 7 players. Games tend to run much longer than 1830, often 6 to 12 hours or more.

2. 2-share "minor" companies that can be merged
In 1830 every company starts with 10 shares. In 1817 there are "minor" companies with only 2 shares, smaller and cheaper to found, which over time can be merged or converted into 5-share companies, and those, later on, into 10-share companies. This staged progression does not exist in 1830.

3. Loans and interest: corporate debt
A mechanic completely absent from 1830: companies in 1817 can take out loans to pay for tile lays, tokens, or trains. The more loans circulating in the game, the higher the general interest rate climbs, making everyone's debt more expensive. Loans must be repaid and accrue interest every operating round.

4. Short selling
In 1817 you can sell shares you don't own, betting that the price will drop so you can buy them back cheaper later. If the price rises instead of falling, whoever sold short loses money and remains liable for any dividends paid out in the meantime. In 1830 you can only sell what you actually own.

5. Mergers, hostile takeovers and liquidations
1817 has dedicated merger and acquisition rounds between operating companies. If two merging companies share the same president, it's a friendly merger; otherwise, it's a hostile takeover and the "attacking" president can take control without the rival's consent. None of this exists in 1830, where companies cannot merge with or absorb each other.

6. Different round structure: SR + OR + mergers + OR + mergers
In 1830 the cycle is simple: a stock round followed by one or more operating rounds. In 1817 each complete cycle is: stock round → operating round → merger & acquisition round → operating round → another merger & acquisition round, and it all starts over. This means almost twice as many structural decisions per cycle compared to 1830.

7. Personal consequences of bankruptcy
Because of short selling and loans, a player in 1817 can end up unable to cover their own debts (not just a company's) and get eliminated from the game. In 1830 bankruptcy affects a company, but it doesn't directly eliminate a player from the game in the same way.

Related games

Expansions and variants

A term you do not recognise? They are all explained in the 18xx glossary. Glossary →