1858: The Railways of Iberia

Designer: Ian D. Wilson

The Iberian Peninsula with 22 privates that eventually convert into shares of the operating companies, dual track gauge, and both 5- and 10-share companies.

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1858: The Railways of Iberia Contents

How it works

Setup

Starting cash: Pt500 (3 players), Pt375 (4), Pt300 (5) or Pt250 (6); Pt12,000 bank
22 private railways: the 17 yellow ones for sale from the start, the 5 green ones from phase 3
At the start there are no public companies: only privates that lay track
In the first stock round, only privates can be auctioned

Stock round ×1

Turn: sell and exchange as you like, then one purchase or one auction
Auction a private (minimum price below face value)
Exchange a private with a city + the par price for the 40% president's share
Exchange a private for a share of a company that reaches it (with the president's consent)
Buy shares from the treasury or open market, always at share price

Operating round ×2

Income from players' privates
Privates: lay up to 2 yellows from their home; the owner pays
Companies, highest share price first:
1. Track: 2 tiles, the second costs Pt20
2. One station
3. Trains + income from its privates
4. Pay out, pay half or withhold
5. Buy trains; issue or redeem shares

↻ Repeats until the end

End

The bank runs out: that operating round finishes
There's no bankruptcy
Most cash plus shares at share price wins

Components

Players

Cash
Privates: collect income and pay for the track they lay
Shares (max. 60%)

Privates

No treasury, no trains
Lay track from their home hex
Income rises in phase 3
Close in phase 5's closing round

Companies

Start with 5 shares (40% + 3 × 20%) and float at 40%
Convert to 10 shares by choice or with the first 5E/4M
Don't have to own a train (without one, they drop)
Collect income from the privates they own

Map

Broad gauge; metre gauge from phase 3; dual gauge from 5
A route can't mix broad and metre gauge
Station costs depend on province borders

Bank

Pt12,000 bank
Open market (max. 50%)
New trains

Where the money goes

Players Bank Private auctions, open market shares and the track privates lay
Players Companies Par price when exchanging a private; treasury shares
Bank Players Private income, dividends, share sales
Companies Bank Trains, terrain, stations
Bank Companies Withheld revenue, share issues

Phases

Start

2H · Pt100

Yellow, broad gauge only; yellow privates; 2 operating rounds

1st 4H / 2M

4H · Pt200 · 2M · Pt100

Green; metre gauge; green privates; private income rises

1st 6H / 3M

6H · Pt300 · 3M · Pt200

2Hs become wounded (half revenue); limit of 2 trains (5 shares) or 3 (10 shares)

1st 5E / 4M

5E · Pt500 · 4M · Pt400

Brown; dual gauge; all convert to 10 shares; privates close; companies can now be started by buying the president's share

1st 6E / 5M

6E · Pt650 · 5M · Pt550

2Hs removed; 4Hs become wounded

1st 7E / 6M

7E · Pt800 · 6M · Pt700 · 5D · Pt1,100

Grey; 4Hs removed; 6Hs become wounded

H trains count hexes; M and E trains count cities, and E trains don't score towns.
The share price rises if the dividend per share reaches a tenth of the share price.

A round, step by step

Illustrative example with the real rules and prices (we couldn't consult the rulebook, so it follows the 18xx.games implementation): 4 players with Pt375 each. We follow [PL1], who buys the [B&M] private and converts it into the [TBF], the Barcelona company.

Before starting Only privates Phase 2

On the table are 17 yellow privates, each with its home hex. Public companies don't exist until someone exchanges a private into one.

[PL1] cash

Pt375

[TBF] treasury

—

[TBF] share price

—

[TBF] trains

—
Stock round 1 Auctioning the B&M Phase 2

[PL1] opens the auction for the [B&M], face value Pt115, at the minimum of Pt90. [PL2] bids Pt95 and [PL1] wins it for Pt100. It pays Pt23 per operating round.

No company can be started in the first stock round.

[PL1] cash

Pt275

[TBF] treasury

—

[TBF] share price

—

[TBF] trains

—
Operating round 1.1 The private builds Phase 2

[PL1] collects Pt23. The [B&M] lays the yellow Barcelona city (Pt40), free because it's its home hex, and a town in Girona: Pt40 for the mountain plus Pt20 for being the second tile. [PL1] pays.

Privates have no treasury: the owner pays for the track out of their own pocket.

[PL1] cash

Pt238

[TBF] treasury

—

[TBF] share price

—

[TBF] trains

—
Operating round 1.2 Second income Phase 2

There are always two operating rounds per stock round. [PL1] collects Pt23 again and doesn't build this time.

[PL1] cash

Pt261

[TBF] treasury

—

[TBF] share price

—

[TBF] trains

—
Stock round 2 The [TBF] is born Phase 2

[PL1] exchanges the [B&M] plus Pt110 for the [TBF] president's certificate (40%). The par price is the highest that doesn't exceed the private's face value (Pt115): Pt110. The money goes to the treasury and the [TBF] places its station in Barcelona.

The [TBF] has already floated: it's a 5-share company and the president holds two.

[PL1] cash

Pt151

[TBF] treasury

Pt110

[TBF] share price

Pt110

[TBF] trains

—
Stock round 2 Capital Phase 2

On another turn, [PL1] buys a 20% share from the treasury at Pt110. [PL2] and [PL3] buy one each. No shares are left in the treasury.

[PL1] cash

Pt41

[TBF] treasury

Pt440

[TBF] share price

Pt110

[TBF] trains

—
Operating round 2.1 Income goes to the [TBF] Phase 2

The [B&M] now belongs to the [TBF]: [PL1] no longer collects its income. The [TBF] has no trains, but it takes the private's Pt23.

[PL1] cash

Pt41

[TBF] treasury

Pt440

[TBF] share price

Pt110

[TBF] trains

—
Operating round 2.1 Paying out Pt23 Phase 2

It pays Pt4 per share. [PL1], with 3 of the 5 shares, collects Pt12, and the leftover Pt3 stays with the [TBF]. The dividend doesn't reach a tenth of the share price: no movement.

Had it withheld, it would have dropped one space.

[PL1] cash

Pt53

[TBF] treasury

Pt443

[TBF] share price

Pt110

[TBF] trains

—
Operating round 2.1 A 2H Phase 2

It buys a 2H train for Pt100. It runs 2 hexes of broad gauge and scores cities and towns.

A company that ends its turn without a train drops one space.

[PL1] cash

Pt53

[TBF] treasury

Pt343

[TBF] share price

Pt110

[TBF] trains

2H
Operating round 2.2 Barcelona – Girona Phase 2

The 2H runs Barcelona (40) – Girona (10): Pt50, in a single hex. With the [B&M]'s income, the [TBF] takes in Pt73.

[PL1] cash

Pt53

[TBF] treasury

Pt343

[TBF] share price

Pt110

[TBF] trains

2H
Operating round 2.2 Paying out and rising Phase 2

It pays Pt14 per share: [PL1] collects Pt42 and Pt3 is left over for the [TBF]. Pt14 is more than a tenth of Pt110, so the share price moves up one space: Pt120.

It can also pay half: part goes to shareholders and the rest stays with the company.

[PL1] cash

Pt95

[TBF] treasury

Pt346

[TBF] share price

Pt120

[TBF] trains

2H
Operating round 2.2 Waiting for the 4H Phase 2

It buys no more trains. When the 2Hs run out, the 4H (or the metre-gauge 2M) comes out and phase 3 begins: green tiles, metre gauge and the 5 green privates for sale.

[PL1] cash

Pt95

[TBF] treasury

Pt346

[TBF] share price

Pt120

[TBF] trains

2H
Towards stock round 3 What now? Phase 2

In phase 3 the [B&M] will start paying the [TBF] Pt35. With the first 5E or 4M, the [TBF] will convert to 10 shares and the privates will close: before that, their owners can exchange them for shares of the companies that reach them.

[PL1] cash

Pt95

[TBF] treasury

Pt346

[TBF] share price

Pt120

[TBF] trains

2H

1858 — Summary

Capitalization type

Incremental capitalization: the company collects the money for each share as it's actually sold, not all at once when floating.
Every public company starts out with only 5 shares (40%/20%/20%/20%) and automatically converts into a 10-share company once the first 5E or 4M train is bought.

Floats once 40% of shares are sold (the same threshold for every corporation)
No player may hold more than 60% of a single corporation
Certificate limit per player: 2 players — 21; 3 players — 21; 4 players — 16; 5 players — 13; 6 players — 11

Starting cash by player count

2 players: Pt500 starting cash (bank has Pt8,000) — played with a restricted board
3 players: Pt500 starting cash (bank has Pt12,000)
4 players: Pt375 starting cash (bank has Pt12,000)
5 players: Pt300 starting cash (bank has Pt12,000)
6 players: Pt250 starting cash (bank has Pt12,000)

End game triggers

The bank runs out of money: the game ends at the conclusion of the current operating round (no need to wait for a full set)
There is no bankruptcy in this game: BANKRUPTCY_ALLOWED is false
Before the game ends, a Final Exchange Round is played in which the usual per-company ownership limit can be exceeded

Number of phases

6 phases (2, 3, 4, 5, 6, 7), triggered by the purchase of the first train (broad or metre gauge) of each level

Train list and prices

2H — Pt100 (or the metre-gauge 2M variant, added alongside the 4H train); becomes "wounded" (half revenue) once the first 6H is bought, is retired once the first 6E is bought
4H — Pt200 (metre variant 2M at Pt100); buying it unlocks the green privates; becomes wounded once the first 6E is bought, is retired once the first 7E is bought
6H — Pt300 (metre variant 3M at Pt200); is retired once a set number of "grey" trains (7E/6M/5D) have been bought: 3 units with 2 players, 5 with more players
5E — Pt500 (metre variant 4M at Pt400); buying it converts all 5-share companies into 10-share companies, and the privates close at the end of that operating round
6E — Pt650 (metre variant 5M at Pt550)
7E — Pt800 (metre variant 6M at Pt700)
5D — Pt1,100 (available from phase 7)
The quantity of each train type depends on the number of players (fewer units with 2 players)

List of private companies

H&G (P1) — Pt30, revenue 10 — cannot be exchanged for shares or found a company
B&M (P2) — Pt115, revenue 23→35 (phase 3), home O8 — founds a company in Barcelona
M&A (P3) — Pt125, revenue 25→38, homes H11/H13 — founds a company in Madrid
P&L (P4) — Pt110, revenue 22→33, homes B9/B11 — founds a company in Porto
V&J (P5) — Pt100, revenue 20→30, home L13 — founds a company in Valencia
R&T (P6) — Pt60, revenue 12→18, home N9 — cannot found a company
L&C (P7) — Pt90, revenue 18→27, homes A14/B13 — founds a company in Lisboa
M&V (P8) — Pt120, revenue 24→36, homes G8/G10/H11 — founds a company in Madrid or Valladolid
M&Z (P9) — Pt95, revenue 19→29, homes I10/J9/K8/L7 — founds a company in Zaragoza
C&S (P10) — Pt105, revenue 21→32, homes E18/F17/G18 — founds a company in Sevilla or Córdoba
SJ&C (P11) — Pt70, revenue 14→21, homes E18/E20 — founds a company in Sevilla or Cádiz
Z&P (P12) — Pt80, revenue 16→24, homes K4/K6/L7 — founds a company in Zaragoza
C&B (P13) — Pt75, revenue 15→23, home I2 — founds a company in Bilbao
C&M (P14) — Pt85, revenue 17→26, homes G18/G20 — founds a company in Córdoba or Málaga
M&C (P15) — Pt70, revenue 14→21, homes K18/L19 — founds a company in Murcia
A&S (P16) — Pt80, revenue 16→24, homes G4/H3 — founds a company in Santander
B&CR (P17) — Pt65, revenue 13→20, homes D15/E14/F15 — cannot found a company
S&C (P18, green) — Pt100, revenue 30, homes C2/C4 — founds a company in La Coruña
M&S (P19, green) — Pt90, revenue 27, home F9 — cannot found a company
CM&P (P20, green) — Pt135, revenue 40, homes D13/E12/F13/G12/H11 — founds a company in Madrid
O&V (P21, green) — Pt110, revenue 33, homes B5/C4 — founds a company in Vigo
L&G (P22, green) — Pt120, revenue 36, homes F1/F3/F5 — founds a company in Gijón

List of corporations

A - Andalucian Railway
AVT - Almanza, Valencia and Tarragona Railway
MZA - Madrid, Zaragoza and Alicante Railway
N - Northern Railway
RP - Royal Portugese Railway
TBF - Tarragona, Barcelona and France Railway
W - Western Railway
ZPB - Zaragoza, Pamplona and Barcelona Railway
None of the 8 has a fixed home in the rulebook: each one is founded either by exchanging a private railway with a city (taking that private's home), or, from phase 5 onward, by starting directly and choosing any open city

Game-specific mechanics

Dual track gauge: broad (from the start), metre (from phase 3), and dual (from phase 5); no route can combine both gauges
Two independent train ladders, one per gauge (H/E for broad, M for metre)
Privates have no treasury of their own: the owner pays out of pocket for construction on the private's home hex
Privates with a city convert into the founding shares of a public company; the rest just generate income and eventually close
Ongoing private auctions throughout the game, not only at the start
Two-stage obsolescence: "wounded" (half revenue) first, then fully retired
There is no bankruptcy in this game

Emergency sell

There's no emergency sell here in the usual sense, because owning a train is never compulsory: a corporation that can't afford one simply keeps operating without it (and without route revenue) instead of being forced into a purchase. No president cash and no forced share sale ever happen for this reason.

Comparison with 1830

1. Setting, map and number of players
1830 covers the northeastern US for 2-6 players. 1858 moves the action to the Iberian Peninsula (Spain and Portugal), following the region's historical railway development, for 3-6 players (a 2-player variant exists with a restricted board), in games lasting around 4 hours.

2. Privates with a city convert into shares instead of being bought out and closed
In 1830 a private is bought by a public company for cash and permanently removed from the game. In 1858, if a private's home hex has a city on it, the private itself transforms into the founding shares of a public company: it doesn't disappear in exchange for money, it converts directly into capital. Privates without a city, on the other hand, never convert: they only generate income and eventually close.

3. Private auctions continue throughout the game, not just at the start
In 1830 the six privates are auctioned once, at the very start of the game. In 1858 privates keep coming up for auction during stock rounds throughout the whole game, and both founding a new company and putting a private up for auction use up a player's single buy action for that turn.

4. Dual track gauge, with two separate train ladders
Something that doesn't exist in 1830, with its single track gauge: 1858 has broad gauge (from the start), metre/narrow gauge (from phase 3), and dual gauge (from phase 5), with dedicated trains for each gauge — 2H/4H/6H for broad gauge and 2M through 6M for metre gauge — that develop independently of each other. No route can ever mix a broad-gauge stretch with a metre-gauge one.

5. Trains get "wounded" before fully rusting
In 1830 a train type rusts in one step and is removed the moment the next type is bought. In 1858 obsolescence happens in two stages: a train is first "wounded," earning only half its normal revenue, and only later is it fully retired.

6. Game end only from the bank, plus a Final Exchange Round
In 1830 the game can end either from the bank running dry or from the last train of the last type being bought. In 1858 the only trigger is the bank running dry; right before the game stops, there's a dedicated Final Exchange Round in which the usual 60% per-company ownership limit can be exceeded — something that never happens in 1830.

Related games

More games by Ian D. Wilson

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