18Rhl: The Railways of the Rhineland

Designer: Wolfram Janich

Railway companies compete to build profitable lines across the Rhine, in a financially-focused and highly strategic 18xx.

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18Rhl: The Railways of the Rhineland Contents

How it works

Setup

9,000M in the bank; each player gets 450M with 4 players
An [ADR] card decides where the variable coal mine and steelworks go
Stock round 1: first the initial packet (5 privates and the [RhE] director's share), buying the cheapest or bidding on another
Then company shares; nothing is sold this round

Stock round ×1

Sell and buy one certificate
Start a company: director's share (20%) on the chosen purple space
Floats at the end of the round if 50% is sold
Each sale drops one row
Sold-out company: up one row

Operating round ×1-3

Private income
Each company, highest share price first:
1. Track: one yellow or one upgrade
2. Station
3. Run trains (Montan bonus: coal + steel)
4. Pay out or withhold
5. Buy trains

↻ Repeats until the end

End

The bank can't pay a company's revenue
The current set of operating rounds finishes
Most cash plus shares wins

Components

Players

Cash
Shares, with no per-company limit
Privates, which can't be sold

Companies

8 companies; the [CCE] has two home stations
Before phase 5: on floating, par × shares sold, then incremental
From phase 5: 10 × share price, and the rest to the market

Privates

Fixed income
Ability for the company the owner directs
Close with the first 5-train

Bank

9,000M
[IPO] and open market (max. 50%)
Trains, in order

Map

The Rhine can only be crossed at Köln, Düsseldorf, Duisburg and C8
Montan: +20M (later +40M) for coal and steel on the same route
Rheingold-Express end to end

Where the money goes

Players Companies Buying [IPO] shares of a company that's already operating
Players Bank Initial packet, shares before floating and market shares
Bank Companies Withheld revenue, dividends on [IPO] shares
Companies Bank Trains, terrain and stations
Bank Companies On floating, the par price of the shares sold
Bank Players Dividends, private income, sales
Players Companies The director tops up the cheapest new train

Phases

Start

2 · 100M

One operating round

1st 3-train

3 · 200M

Two operating rounds; trains between companies

1st 4-train

4 · 300M

2s removed; 3-train limit

1st 5-train

5 · 500M

Three rounds; privates close; Montan 40M; full capitalisation

1st 6-train

6 · 600M

3s removed; the Rheingold-Express arrives

1st 8-train

8 · 800M

4s removed

Routes can't start or end at a town, but towns in between add on.
To rise, the dividend must reach the share price; if it falls short, the share price stays put.

A round, step by step

Illustrative example with the game's rules, 4-player game (450M each). We follow [P1] and the [ADR], based in Aachen, from stock round 1 to the second operating round.

Before starting Turn order Phase 2

The initial packet certificates are dealt out at random to set the order: whoever gets the cheapest takes priority. Then they go back on the board to be sold.

[P1] cash

450M

[ADR] treasury

—

[ADR] share price

—

[ADR] trains

—
Stock round 1 The [PWB] Phase 2

While any of the initial packet is left, you can only buy the cheapest certificate or bid on another. [P1] buys the [PWB] for 20M: it pays 5M every operating round.

If nobody wants it, the [PWB] drops 5M each lap until someone has to take it for free.

[P1] cash

430M

[ADR] treasury

—

[ADR] share price

—

[ADR] trains

—
Stock round 1 Starting the [ADR] Phase 2

With the packet sold, shares can now be bought. [P1] buys the [ADR] director's certificate and sets the share price at 80M: they pay 160M to the bank.

[P1] cash

270M

[ADR] treasury

—

[ADR] share price

80M

[ADR] trains

—
Stock round 1 Up to 50% Phase 2

Over three more turns they buy three 10% shares at 80M. Until the company floats, the money goes to the bank.

There's no per-company share limit: [P1] could own 100%.

[P1] cash

30M

[ADR] treasury

—

[ADR] share price

80M

[ADR] trains

—
Stock round 1 It floats Phase 2

At the end of the round, the [ADR] has 50% sold and floats. The bank pays it the par price of the 5 shares sold: 400M. The share price also moves up a row, from 80M to 90M.

From now on, every [IPO] share bought pays the company.

[P1] cash

30M

[ADR] treasury

400M

[ADR] share price

90M

[ADR] trains

—
Operating round 1 [PWB] income Phase 2

The round starts by paying the privates: [P1] collects 5M. In the yellow phase there's just one operating round per stock round.

[P1] cash

35M

[ADR] treasury

400M

[ADR] share price

90M

[ADR] trains

—
Operating round 1 Towards Düren Phase 2

Aachen is already on the map with track heading east. The [ADR] lays a yellow with a town on the hex between it and Düren, which also has printed track.

[P1] cash

35M

[ADR] treasury

400M

[ADR] share price

90M

[ADR] trains

—
Operating round 1 No train, price drops Phase 2

Since it has no train yet, it pays nothing and the share price drops one space, from 90M to 80M.

[P1] cash

35M

[ADR] treasury

400M

[ADR] share price

80M

[ADR] trains

—
Operating round 1 A 2-train Phase 2

It buys a 2-train for 100M. A company with a route must end its turn with a train.

[P1] cash

35M

[ADR] treasury

300M

[ADR] share price

80M

[ADR] trains

2
Stock round 2 Passing Phase 2

With 35M, [P1] can't buy anything and passes.

Shares of a company that hasn't operated yet can't be sold.

[P1] cash

35M

[ADR] treasury

300M

[ADR] share price

80M

[ADR] trains

2
Operating round 2 Aachen–Düren Phase 2

The [PWB] pays 5M again. The 2-train runs from Aachen (20M) to Düren (20M) through the town (10M): 50M. The town doesn't count toward distance.

[P1] cash

40M

[ADR] treasury

300M

[ADR] share price

80M

[ADR] trains

2
Operating round 2 Paying out Phase 2

It pays 5M per share. [P1], with 50%, collects 25M, and the 50% still in the [IPO] pays 25M to the [ADR].

[P1] cash

65M

[ADR] treasury

325M

[ADR] share price

80M

[ADR] trains

2
Operating round 2 The share price stays put Phase 2

The 50M doesn't reach the 80M share price, so it stays where it is. To rise, the dividend must be at least the share price.

[P1] cash

65M

[ADR] treasury

325M

[ADR] share price

80M

[ADR] trains

2
Operating round 2 A second train Phase 2

It buys another 2-train for 100M. Until the first 4-train it can own four.

[P1] cash

65M

[ADR] treasury

225M

[ADR] share price

80M

[ADR] trains

2 + 2
Towards stock round 3 What now? Phase 2

If the [RhE] manages to link Köln with Aachen via Düren, it'll collect the money it has reserved. The [ADR] wants to grow towards the Rhine and, when it can, find a route with coal and steel for the Montan bonus.

[P1] cash

65M

[ADR] treasury

225M

[ADR] share price

80M

[ADR] trains

2 + 2

18Rhl — Summary

Capitalization type

Capitalization depends on when the corporation floats: if it floats before the brown phase (phase 5), it's incremental — the treasury only receives the money players actually paid for shares bought, and any unsold IPO shares move to the corporation's own Treasury. If it floats in the brown phase or later, it's full: it receives 100% of the par value of all shares at once, and unsold shares go to the market.
Corporations that float before the brown phase also get a one-step share price bump if they parred below 100M.

Floats once 50% of shares are sold for most corporations, except Krefelder Eisenbahngesellschaft, which floats at 60%
There is no per-player ownership cap: a player may hold up to 100% of a single corporation
Certificate limit per player: 3 players — 20; 4 players — 15; 5 players — 12; 6 players — 10

Starting cash by player count

3 players: 600M starting cash (bank has 9,000M)
4 players: 450M starting cash
5 players: 360M starting cash
6 players: 300M starting cash
Optional "Lower Starting Capital" variant: 500M/375M/300M/250M respectively (recommended for 3-4 players only)

End game triggers

The bank runs out of money: the current full operating round set is finished (full_or)
No other trigger exists: unlike other titles in the family, 18Rhl never ends because the train supply runs out

Number of phases

6 phases (2, 3, 4, 5, 6, 8), triggered by the purchase of the first train of each type
Phases 2-4: "incremental" status (corporations that float receive only the money paid for shares)
Phases 5-8 (from the brown phase on): "fullcap" status (corporations that float receive 100% of par value)

Train list and prices

2 train — 100M (rusts once the first 4-train is bought); normally 6 units, or 7 with the optional 2-train rule
3 train — 200M (5 units; rusts on the first 6-train)
4 train — 300M (3 units; rusts on the first 8-train)
5 train — 500M (3 units); buying it closes the private companies
6 train — 600M (6 units; available from phase 5)
8 train (Rheingold-Express) — 800M (4 units; available from phase 6); its own rules: must start/end at an RGE hex, ignores towns, and doubles the value of every Rhine Metropolis on routes running from the Nijmegen/Arnhem area to the Basel/Frankfurt area

List of private companies

No. 1 Prinz Wilhelm-Bahn (PWB) — 20M, revenue 5M — blocks hex E14; lets its owner place the first tile there (replaced by the Angertalbahn (ATB) in the Ratingen variant)
No. 2 Konzession Essen-Osterath (KEO) — 30M, revenue 0M — from the green phase on, lets its owner teleport the orange #935 tile onto hex E8 and place a free token there
No. 3 Seilzuganlage (Szl) — 50M, revenue 15M — one free tile on a mountain hex, usable once, no connection required
No. 4 Trajektanstalt (Tjt) — 80M, revenue 20M — free upgrade to green of a yellow hex at Cologne, Düsseldorf or Duisburg, with the option to token the same turn
No. 5 Niederrheinische Licht- und Kraftwerke (NLK) — 120M, revenue 25M — the buyer gets a free 10% GVE share, and the GVE also floats with only 40% sold
No. 6 Director's Certificate of the Rheinische Eisenbahngesellschaft (RhE) — 140M, revenue 0M — minimum bid 140M; whoever buys it sets the RhE's par price (only 70M, 75M or 80M) and becomes its president; not really a private but the RhE's presidency certificate

List of corporations

Aachen-Düsseldorf-Ruhrorter E. (ADR) — home at K2; floats at 50%
Bergisch-Märkische Eisenbahngesell. (BME) — home at F13; floats at 50%
Cöln-Mindener Eisenbahngesellschaft (CME) — home at I10; floats at 50%
Düsseldorf Elberfelder Eisenbahn (DEE) — home at F9; floats at 50%
Krefelder Eisenbahngesellschaft (KEG) — home at D7; floats at 60%; the first two IPO certificates sold are double (20%)
Gladbach-Venloer Eisenbahn (GVE) — home at G6; normally floats at 50%, or at 40% if the NLK private is bought
Cöln-Crefelder Eisenbahn (CCE) — two homes (Cologne and Krefeld); floats at 50%
Rheinische Eisenbahngesellschaft (RhE) — home at I10; the biggest corporation, with its own par/float rules (see private No. 6)

Game-specific mechanics

The Rhine can only be crossed at 4 points (the three Rhine Metropolis hexes and hex C8); at the Metropolises a ferry (Trajekt) penalizes the route until a brown tile replaces it with a bridge
Industry bonus (coal mines + steel mills): +20M, or +40M with more than one of each
Eastern Ruhr bonus: +10M for each established connection into that area (up to 4)
Eisern Rhein (Iron Rhine) bonus: +80M between Roermund and the Eastern Ruhr
Bankruptcy: company shares are sold first, then the director's private cash contributes, and only as a last resort personal shares are sold or a bank loan is taken (deducted doubled from final wealth)

Emergency sell

Matches the 1830 baseline — treasury, then the president's personal cash, then a forced sale of any shares the president holds — with two added wrinkles: a corporation forced to buy can only do so from the bank, never from another corporation's holdings, and a corporation in receivership (with no majority shareholder) has no one to fall back on for personal cash or forced sales at all — it can only ever spend what's already in its own treasury.

Comparison with 1830

1. Setting, map and number of players
1830 covers the northeastern USA for 2-6 players. 18Rhl moves the action to the former Prussian province of Rhineland, along the Rhine (Cologne, Düsseldorf, Duisburg, Aachen...), designed for 3-6 players — a slightly higher minimum group size than 1830.

2. Privates that never change hands, and that almost all move tokens on the map
In 1830, private companies can be bought and sold between players during the game. In 18Rhl, once bought, a private can never be resold or voluntarily closed: it stays tied to the same player for the whole game, until it closes when the first type 5 train is bought. On top of that, most privates grant, in addition to their revenue, an active power on the map (blocking a hex, laying an extra tile, or placing a free station) that can only be used once, while the owner is acting as director of an operating company.

3. The sixth card of the opening auction is, literally, the president's certificate of a large company
It isn't really a private: the sixth slot of the opening auction is the Director Certificate of the Rheinische Eisenbahngesellschaft (RhE), with a minimum bid of 140M. It's the same concept as 1830's B&O (an opening purchase directly tied to an operating company's president certificate), applied here to the biggest company in the game.

4. Lower float threshold, and capitalization that depends on the phase
In 1830 every company floats when founded and always receives 100% of the par value of its shares (full capitalization). In 18Rhl most companies float once 50% of their shares are sold (not 1830's 60%), and the capitalization model depends on when they float: if that happens before the brown phase, the treasury receives only the money players actually paid for the shares bought (incremental capitalization); if a company floats in the brown phase or later, it does receive 100% of the par value of all its shares.

5. The Rhine as a physical barrier with a toll ferry
Something with no equivalent in 1830: the Rhine can only be crossed at four specific points (the three Rhine Metropolis hexes — Cologne, Düsseldorf, Duisburg — and hex C8). At the Metropolis hexes, the crossing is made via a ferry (Trajekt) that reduces the value of any route crossing it, until a brown tile replaces the ferry with a bridge and removes that penalty.

6. Route bonuses stacked on top of city and town revenue
In 1830, a route's revenue is simply the sum of the values of the cities and towns it runs through. 18Rhl adds specific bonuses on top: +20/+40M for a route touching coal mines and steel mills (industry bonus), up to +40M for growing connections into the Eastern Ruhr, and +80M for the Eisern Rhein (Iron Rhine) route between two specific hexes.

7. A unique final train: the Rheingold-Express
1830 ends its train progression with the Diesel, a bigger train but conceptually the same as the others. In 18Rhl the type 8 train (Rheingold-Express) is a class of its own: it must always start at Nijmegen or Arnhem, towns don't count toward its revenue, but it doubles the value of every Rhine Metropolis it runs through when the route goes from the Nijmegen/Arnhem area to the Basel/Frankfurt area.

8. Bankruptcy resolved first with company resources, not the president's pocket
In 1830, if a company can't pay for a mandatory train, the burden falls straight onto the president's personal money. In 18Rhl, the company must first sell its own stock certificates to the pool, then the director contributes their private cash, and only as a last resort do they sell personal shares or take a bank loan (which is deducted doubled from their wealth at game end).

9. Game end only through a broken bank, with no "last train" option
In 1830 the game can end either because the bank runs dry or because the last available train of the last type is bought. In 18Rhl the only trigger is the bank running out of money; there's no alternate ending tied to depleting the train supply.

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