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1877: Venezuela

Designer: Scott Petersen, Toby Mao

Venezuela in a 1817 compressed to 2-3 hours, with short selling, arbitrage and financial sabotage.

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1877: Venezuela Contents

How it works

Setup

1817's rules with changes; currency: Bs.
Bs.1,260 split among the players (Bs.252 with 4); unlimited bank
Two random cities get a mine
No privates: the game starts straight with the stock round

Stock round ×1

Sell, short one share, and buy one share or start a company
Start a company: auction for the president's share (Bs.100-400); the bid goes to the bank
Share price = half the bid; the company receives 2.5× the share price
Management turn: station, loans and trains
At the end: each share in the market drops it one space

Operating round ×2

The loan interest rate is set
Each company, highest share price first:
1. Up to 2 tiles (the 2nd costs Bs.20; only 1 upgrade)
2. One station
3. Run trains
4. Pay out, pay half or withhold
5. Buy trains (from the bank only)
6. Pay interest and repay loans
At the end, the bank exports a train

Mergers and acquisitions ×2

After each operating round
Merge or acquire other companies
Liquidate those in the red zone, buy those in the grey

↻ Repeats until the end

End

The first 4-train is bought or exported
The set finishes, then one stock round and 2 more operating rounds
Net worth = cash + shares − shorted shares

Components

Players

Cash and shares (max. 3 of a company)
Short shares, once the company is out
The president is liable for the debts

Companies

12, all 5-share, no fixed home
Up to 5 loans of Bs.100
Must end their turn with a train or be liquidated

Bank and market

Unlimited
Loans and interest
Open market, which starts with 60% of each company
2, 2+, 3 and 4 trains

Map

Venezuela: Caracas and Maracaibo
3 off-board areas
Mines: lose value when upgraded, but give Bs.20 to whoever upgrades them

Where the money goes

Players Bank and market The opening bid, market shares and dividends on short shares
Bank and market Companies Starting capital (2.5× the share price), loans
Companies Players Dividends
Companies Bank and market Trains, stations, tiles, interest and repaid loans
Bank and market Players Sales and short sales
Companies Companies Buying trains from each other: not allowed

Phases

Start

2 · Bs.100

Yellow only; 4 trains

1st 2+ train

2+ · Bs.100

Unsold 2-trains are removed at the end of [OR] 1

1st 3-train

3 · Bs.250

Green

1st 4-train

4 · Bs.300

Brown; 2s rust; 3 trains; the endgame begins

When a company starts, 60% of it goes straight to the market: if nobody buys it, the share price drops at the end of every stock round.
It's a short game: the first 4-train already triggers the end.

A round, step by step

Illustrative example with 1877's rules (changes on top of 1817), 4 players with Bs.252. We follow [P1] and the [CLG], which they start in Caracas, through the first stock round and the two operating rounds after it.

Before starting Mines and money Phase 2

Two cities are picked at random to get a mine. There are no privates: everyone starts with Bs.252 and it's straight to the stock round.

[P1] cash

Bs.252

[CLG] treasury

—

[CLG] share price

—

Loans

—

[CLG] trains

—
Stock round 1 Starting the [CLG] Phase 2

[P1] places a [CLG] station in Caracas and opens the president's share auction at Bs.100. [P2] bids Bs.110, [P1] Bs.120 and [P2] passes. [P1] pays Bs.120 to the bank. The share price is half that: Bs.60.

In 1817 the bid goes to the company. In 1877 it goes to the bank.

[P1] cash

Bs.132

[CLG] treasury

—

[CLG] share price

Bs.60

Loans

0

[CLG] trains

—
Stock round 1 Capital and market Phase 2

Every company has 5 shares. The bank gives the [CLG] 2.5× the share price: Bs.150. [P1] keeps the president's share (40%) and the other 3 shares go to the open market.

[P1] cash

Bs.132

[CLG] treasury

Bs.150

[CLG] share price

Bs.60

Loans

0

[CLG] trains

—
Stock round 1 Management turn Phase 2

Before the round carries on, [P1] acts for the [CLG]: it pays Bs.50 for its second station and takes a Bs.100 loan, which drops the share price one space, to Bs.55.

A 5-share company can have up to 5 loans.

[P1] cash

Bs.132

[CLG] treasury

Bs.200

[CLG] share price

Bs.55

Loans

1

[CLG] trains

—
Stock round 1 A train before operating Phase 2

In the same management turn, the [CLG] buys a 2-train for Bs.100. Then the round continues with the player to [P1]'s left.

In 1877 trains are only bought from the bank, never from another company.

[P1] cash

Bs.132

[CLG] treasury

Bs.100

[CLG] share price

Bs.55

Loans

1

[CLG] trains

2
Stock round 1 Buying from the market Phase 2

[P3] buys a [CLG] share from the market at Bs.55 and, later, [P1] another. The money goes to the bank. [P1] now holds 3, the maximum.

[P1] cash

Bs.77

[CLG] treasury

Bs.100

[CLG] share price

Bs.55

Loans

1

[CLG] trains

2
Stock round 1 One share in the market Phase 2

Everyone passes. One [CLG] share is still in the market: the share price drops one space, to Bs.50.

Since the company has just started, its shares can't be sold this round, but they can be shorted.

[P1] cash

Bs.77

[CLG] treasury

Bs.100

[CLG] share price

Bs.50

Loans

1

[CLG] trains

2
Operating round 1.1 Interest and a tile Phase 2

With few loans on the table, interest is set at Bs.5. The [CLG] lays a yellow at Acarigua, next to Caracas. The first tile costs nothing.

[P1] cash

Bs.77

[CLG] treasury

Bs.100

[CLG] share price

Bs.50

Loans

1

[CLG] trains

2
Operating round 1.1 Paying out Phase 2

The 2-train runs Caracas (40) – Acarigua (20): Bs.60. It pays out: Bs.12 per share. [P1] collects 36; the market share gets nothing. Since Bs.60 beats the share price, it rises to Bs.55.

The total dividend is compared with the share price: double means up two spaces.

[P1] cash

Bs.113

[CLG] treasury

Bs.100

[CLG] share price

Bs.55

Loans

1

[CLG] trains

2
Operating round 1.1 Interest Phase 2

It buys nothing else. It pays Bs.5 on the loan. At the end of the round, the bank exports all unsold 2-trains.

[P1] cash

Bs.113

[CLG] treasury

Bs.95

[CLG] share price

Bs.55

Loans

1

[CLG] trains

2
Mergers and acquisitions 1.1 Nobody can buy it Phase 2

The [CLG] is in the white zone of the market: nobody can buy it against [P1]'s will, and [P1] doesn't want to merge it.

[P1] cash

Bs.113

[CLG] treasury

Bs.95

[CLG] share price

Bs.55

Loans

1

[CLG] trains

2
Operating round 1.2 Two tiles Phase 2

Interest stays at Bs.5. The [CLG] lays a yellow on Caracas's other exit and, for Bs.20, the San Juan de Los Morros city.

[P1] cash

Bs.113

[CLG] treasury

Bs.75

[CLG] share price

Bs.55

Loans

1

[CLG] trains

2
Operating round 1.2 Paying out again Phase 2

The 2-train runs Caracas – Acarigua again for Bs.60. [P1] collects Bs.36 and the share price rises to Bs.60. It pays Bs.5 interest.

Short sellers must pay the bank the dividend on each share.

[P1] cash

Bs.149

[CLG] treasury

Bs.70

[CLG] share price

Bs.60

Loans

1

[CLG] trains

2
Towards stock round 2 What now? Phase 2

The [CLG]'s next track heads for San Juan de Los Morros, but a 2-train only visits two cities. When the first 3-train comes out, green arrives; the first 4-train will rust the 2s and start the final countdown.

[P1] cash

Bs.149

[CLG] treasury

Bs.70

[CLG] share price

Bs.60

Loans

1

[CLG] trains

2

1877: Venezuela — Summary

Capitalization type

Incremental capitalization (CAPITALIZATION = :incremental, inherited from the 1817 engine): when a player wins the auction to found a corporation, it immediately receives 2.5 times the share price in cash from the bank, while the other 3 shares (60% of the total) are placed directly on the market and the founder keeps the 40% certificate as president.
The bank has unlimited money (BANK_CASH = :unlimited): there's no fixed fund that can run out.

Floats once 20% of its shares are sold (same threshold for every corporation)
No player may hold more than 60% of one corporation (default threshold, no exceptions)
Certificate limit per player: 2 players — 21; 3 players — 16; 4 players — 13; 5 players — 11; 6 players — 9; 7 players — 9

Starting cash by player count

2 players: Bs.420 starting cash
3 players: Bs.315 starting cash
4 players: Bs.252 starting cash
5 players: Bs.210 starting cash
6 players: Bs.180 starting cash
7 players: Bs.142 starting cash
The bank starts with unlimited money, regardless of the number of players

End game triggers

A corporation goes bankrupt: immediate end of the game (rule inherited from 1817)
The first type 4 train is bought or exported: the game reaches its final phase and one more full set of operating rounds is still played before it ends (final_phase: one_more_full_or_set)

Number of phases

4 phases (2, 2+, 3, 4), triggered by the purchase of the first train of each corresponding type
Train limit per corporation: 4 during phases 2 / 2+ / 3, dropping to 3 in phase 4
Available tile colors expand progressively: only yellow in phase 2, green is added in phase 3, and brown in phase 4
Corporation size always stays at 5 (corporation_sizes: [5]): unlike 1817, there is no phase with 10-share corporations here

Train list and prices

2 train — Bs.100 (40 available; rusts when the first type 4 train is bought or exported)
2+ train — Bs.100 (3 available; same distance as the 2 train, but becomes obsolete —not rusted— when the type 4 train appears)
3 train — Bs.250 (10 available)
4 train — Bs.300 (unlimited; buying or exporting the first one triggers the end-game signal)
Trains can only be bought from the bank, never from another corporation, unless the "Cross Train Purchases" optional rule is used
Discarded trains are permanently removed from the game (DISCARDED_TRAINS = :remove) instead of returning to the available pool

List of private companies

This game has no private companies: following the 1817 structure, there is no separate phase or auction for privates apart from the corporations themselves.
Instead, each corporation is auctioned directly: the winning bidder founds and pars it immediately, and is also entitled to an immediate extra turn.

List of corporations

Ferroviario de Barquisimento y Puerto Caballo (BPC)
Ferroviario de Barinas y San Cristobál (BSC)
Capital Line (Cap)
Ferroviario de Caracas y La Guaira (CLG)
Ferroviario de Encontrados y Machiques (E&M)
Ferroviario de Caracas y Cúa (FCC)
Ferroviario de La Encrucijada y San Juan de Los Morros (LESJ)
Ferroviario de Machiques y Maracaibo (M&M)
Ferroviario de Puerto Cabello y Barquisimeto (PCB)
Ferroviario de San Juan de Los Morros y San Fernando de Apure (Sans)
Ferroviario de Sabana de Mendoza y Barquisimeto (SMB)
Tucucas Copper Mining Railway (TCM)
No corporation has a fixed home on the map: the player who wins the founding auction freely chooses where to place the home token, unlike 1830 and 1846

Game-specific mechanics

No private companies: every company is born as a public corporation through a direct auction
Winning the founding auction grants an immediate extra turn to the winning player
Incremental capitalization with a fixed bonus of 2.5x the share price and immediate placement of 60% of the shares on the market
Trains can only be bought from the bank; discards are permanently removed from the game instead of returning to it (DISCARDED_TRAINS = :remove)
Short selling and other financial tools inherited from 1817
60% ownership limit per corporation (max_ownership_percent: 60), same as 1830
Certificate limit varies by player count: 21 (2p), 16 (3p), 13 (4p), 11 (5p), 9 (6p and 7p)
Two mines randomly chosen from 11 possible hexes each game (the "No Mine Tiles" optional rule removes them)
A game for 2-7 players; a prototype (PROTOTYPE = true) designed by Scott Petersen and Toby Mao as a direct variant of 1817 (DEPENDS_ON = '1817')

Emergency sell

There's no emergency sell mechanic: this title runs on 1817's engine, where a corporation is never required to own a train in the first place — it can simply run without one, earning nothing. Corporations may voluntarily take out bank loans to help fund a train, but that's optional financing, not a forced mechanism, and no personal player cash is ever involved. A separate, unrelated "Cash Crisis" rule can force a player to sell personal shares if unpaid loan interest drives their own cash negative — but that's about a player's own solvency, not about paying for a train.

Comparison with 1830

1. Direct lineage with 1817, not with 1830
1877 isn't a direct variant of 1830: it inherits almost all of its DNA (corporation auctions, incremental capitalization, short selling, absence of privates) from the 1817 engine (DEPENDS_ON = '1817'). Because of this, this comparison is more of a contrast between two different design families than a comparison between a direct parent and child.

2. There are no private companies
In 1830 the game begins with an auction of six private companies ($20 to $220) that provide revenue and small perks throughout the game. Following the 1817 style, 1877 removes this phase entirely: every corporation is born directly as a public company, auctioned off one at a time.

3. The founding auction rewards the winner with an extra turn
In 1830 the turn normally passes to the next player after founding a company. In 1877, the player who wins the auction to found a corporation is entitled to act again immediately, a reward for the risk taken in the bidding that doesn't exist in 1830.

4. Many small corporations with no fixed home, instead of a few large ones
1830 has 8 corporations of 10 shares each, all with a fixed home city on the map. 1877, in 1817 style, has 12, each with only 4 certificates (40/20/20/20) and no predetermined home: the founder chooses where to place the home token. Both games, however, keep the same 60% ownership limit per shareholder.

5. A much wider player range, with much lower starting amounts
1830 supports 2 to 6 players, with $1,200/$800/$600/$480/$400 starting cash depending on player count. 1877 extends the range to 7 players (Bs.420/315/252/210/180/142 starting cash), with much smaller amounts because the game's economic scale —and the cost of founding each small corporation— is also smaller.

6. Unlimited bank, and an end tied to the final phase rather than the bank running out
In 1830 the bank starts with a fixed $12,000 and the game usually ends when it runs out. In 1877 the bank is unlimited; instead, the game ends when the first type 4 train is bought or exported, a much earlier and more predictable trigger that lets the game wrap up in about 2-3 hours, much less than the 3-5 hours typical of 1830.

7. Trains are only bought from the bank, and discards disappear forever
In 1830 a company can buy a used train from another company. In 1877 trains can only be bought new, directly from the bank (unless the cross-train-purchase optional rule is used), and once discarded they're permanently removed from the game instead of remaining available, which sharpens their scarcity.

8. 1817 financial tools absent from 1830
1877 incorporates short selling and other financial mechanisms typical of 1817, such as the direct bidding used to found each corporation. None of these elements exist in 1830, where the game is simpler but also less financially volatile.

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