1817

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. Minors can hold up to 2 loans and large companies up to 5. 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 (short selling), 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. On a second hostile takeover of the same company, payment is made in bonds. A company that can't pay its debts may end up liquidated. None of this exists in 1830, where companies cannot merge with or absorb each other.

6. Private companies never close
In 1830 private companies are removed from the game when a public company buys them or when a certain train phase arrives. In 1817 privates never close: they continue to exist and generate their revenue for the entire game.

7. 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.

8. Practically unlimited bank
In 1830 the game can end when the bank runs dry (it has a limited, finite size). In 1817 the bank holds $12,000, a figure so large that in practice it's never emptied through this route: the end of the game does not depend on the bank's size the way it does in 1830.

9. 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.

10. Much higher financial risk overall
The combination of variable-interest loans, short selling, and hostile takeovers makes 1817 notably riskier and more financially volatile than 1830, where the risks are basically limited to company management and the classic stock market.

1817 — Schematic summary (vs 1830)

SETTING

• Huge map, covers practically the entire USA (or Canada in the 1817NL variant)
• 5-7 players recommended, very long games (6-12+ hours)

COMPANIES

• 2-share "minor" companies → can be merged/converted into 5-share and later 10-share companies
• Privates that never close (unlike 1830)

FINANCES

• Corporate loans: up to 2 (minors) or 5 (majors), with interest that rises based on the total debt in circulation
• Short selling: shares you don't own can be sold
• A player who can't cover their debts can be eliminated from the game
• Practically unlimited bank ($12,000) → the end of the game doesn't depend on it running out

MERGERS AND ACQUISITIONS

• Dedicated merger/acquisition rounds between operating companies
• Same president = friendly merger; different presidents = hostile takeover
• Second hostile takeover of the same company → paid in bonds
• Possibility of corporate liquidation if debts can't be paid

ROUND STRUCTURE

• Cycle: Stock round → OR → Merger round → OR → Merger round → (repeats)
• Far denser in structural decisions than 1830's simple cycle