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18OE — On the Rails of the Orient Express

Table of Contents

General Information

Players: 2–7  |  Bank: £54,000  |  Capitalization: Incremental for Regionals and Majors, Full for Minors (Auction Result -> Treasury)

Players Starting cash Certificate limit
2 £2,600 99
3 £1,800 48
4 £1,350 36
5 £1,080 29
6 £900 24
7 £775 20

Starting cash is split equally among players, rounded up to the nearest £5 (total £5,400; £5,200 without concessions).

Game Overview

18OE is set in 19th-century Europe. Players acquire minor railroad companies through a concession auction, in parallel floating regionals converting them to majors, somewhen facing a Consolidation Round with first 5+5 Train in which all minors must merge into major railroads or be abandoned and left and regionals need to be convertered to majors. National railroads can form at phases 4, 6, and 8. The endgame triggers when the first level-8 train is purchased (or earlier if the bank runs dry).

The map spans eight geographic zones — United Kingdom (UK), France/Belgium (FR), Prussia/Holland/Switzerland (PHS), Austria-Hungary (AH), Italy (IT), Spain/Portugal (SP), Scandinavia (SC), and Russia (RU) — plus the Balkans and Ottoman Empire (unclaimed territory without track rights).

Unique mechanics vs. standard 18xx: track rights zones, tile points, local/express train sides, the Orient Express run, national revenue, Pullman cars, port authorities, a multi-row auction opening, and concessions.

Company Types

Type Share structure Float condition Capitalization
Minor 1 × 100% share Exchange during SR Purchase price (max £180 in treasury)
Regional 50% (pres) + 25% + 25% Player takes charter + pays 2× par 2× par value
Major 10 × 10% Expand from a regional Incremental (shares sell from treasury at par, then at share value)
National 10 × 10% (inherited) Convert from a major No new float capital

Minors — owned 100% by one player; no share market. Revenue always split 50/50 between treasury and owner. Must own at least one train after their first OR. Two tokens each.

Regionals — president's cert (50%) + two 25% certs; always trade at market price. Cannot be sold by players. Operate in operating order (leftmost first) among minors and regionals.

Majors — standard 10-share corporation. Operate in share value order (highest first). Treasury shares pay dividends into the treasury.

Nationals — formed from majors. No tokens on the map; use virtual tokens throughout their home zone. Always pay full dividends. May never make an Orient Express run.

Opening Packet & Auction

The opening packet contains 10 privates, 12 minor charters, and 10 concessions, arranged in rows. Players take turns in player order:

  • Buy at face value — purchase any item in the current topmost row at its listed price.
  • Place a bid — bid on any item in a lower row; minimum bid equals the item's face value and must exceed all prior bids by at least £5. Bid cash is set aside and unavailable until the item is resolved.
  • Pass — if all players pass consecutively, all purchased privates pay their current revenue to owners and all topmost-row items are reduced by £5. Any item reaching £0 must be taken immediately by the next player.

When the last item in the topmost row is sold, any item in the next row with exactly one bid is sold immediately at the bid price. Items with multiple bids are auctioned: starting with the player to the left of the highest bidder, proceeding in player order (only initial bidders may participate; passing is final). Multiple auctions on a row run left-to-right.

Minor treasury cap: when a minor charter is purchased, its purchase price goes into the treasury. If the price exceeds £180, the treasury receives only £180 and the bank keeps the rest. A player who wants more than £120 in the minor's treasury may overbid to trigger an auction.

Railroad Phases

Five railroad (RR) phases overlap the eight train phases:

RR Phase Begins Ends Key restrictions
Auction Game start All opening packet items sold Only opening packet actions
Concession End of auction 10th concession executed 10 concessions taken in order 1–10; limited action set
Regional/Minor After concessions 18 of 24 regionals AND all 12 minors floated Players may only float regionals and minors; no majors yet
Major End of Regional/Minor phase Game end (interrupted by Consolidation) Normal SR/OR play; majors float by regional expansion
Consolidation First SR after Phase 5 begins All minors and regionals gone All minors/regionals must merge or be abandoned

Concession phase: each concession (numbered 1–10) grants the holder one stock action during the Concession phase. Permitted actions are restricted (see rulebook §8.1). After all 10 are executed, the Regional/Minor phase begins immediately with a SR.

Train Phases

Phase Begins with Track colors Train limit: min/reg Major National Notes
1 Game start Yellow — — — No trains; Concession + Regional/Minor
2 First OR Yellow 2 4 — Level 2 trains; reserved 2+2 obligation
3 First level-3 train Yellow, Green 2 4 — Minors may merge into majors
4 First level-4 train Yellow, Green 1 3 4 Level-2 trains rust; nationals may form; Pullmans available
5 First level-5 train Y, G, Brown 1 3 4 Level-3 trains rust; nationals may form; Consolidation SR follows
6 First level-6 train Y, G, Brown — 2 3 Minors/regionals gone after Consolidation
7 First level-7 train Y, G, B, Grey — 2 3 Level-8 trains available after 4th level-7 purchase
8 First level-8 train Y, G, B, Grey — 2 3 Nationals may form; game-end sequence begins

Train supply:

Level Local Express Price (local / express) Rusts
2 2+2 (no express) £100 Phase 4
3 3+3 3 £225 / £200 Phase 5
4 4+4 4 £350 / £300 Phase 8
5 5+5 5 £475 / £400 —
6 6+6 6 £600 / £525 —
7 7+7 4D £750 / £850 —
8 8+8 5D £900 / £1,000 —

Most train cards are double-sided (local on one side, express on the other). The face-up side when placed on a charter determines the type and price. Trains purchased from another RR must remain the same type. Trains from the Open Market may be flipped. The 2+2 has no express side.

D trains (4D, 5D): express trains limited to 4 or 5 cities respectively. All city and red-zone revenue is doubled. Towns are not counted and do not double. Level 4D counts as level 7; 5D as level 8 for rusting/limit purposes.

Pullman cars (available from Phase 4): each adds £10 × train level to the attached train's revenue. One Pullman per RR. Does not count against train limit. Purchased from Minor M for £150 (£15 royalty to M or owning major); from Open Market for £150 (no royalty). Minor J's 10% discount applies to the price but not the royalty. Nationals automatically have a Pullman (printed on charter).

Stock Market

Par values: regionals use REGIONAL A–F par-value slots; majors use MAJOR A–F slots. Par value marker removed at the end of the SR in which the major floats. After that, treasury shares trade at share value (not par).

Share value movement:

Trigger Movement
Share sold from player's hand DOWN (once per share sold)
All shares in players' hands at SR end UP
OR: dividends paid ≥ share value RIGHT
OR: dividends paid > 0 but < share value No change
OR: dividends = 0 (withhold) LEFT
First OE run, president chooses bonus +3 RIGHT (in addition to dividend movement)

Edge rules: UP from top row → RIGHT instead. RIGHT from rightmost column → UP instead. DOWN from bottom → no movement. LEFT from leftmost → DOWN instead. £550 cell: no movement.

Open Market limit: no more than 50% of a major's or national's shares may be in the Open Market (temporarily exceeded during national formation only).

President's share (20%): must always be held by a player. President holds at least 20%. To change presidency: incoming player must own strictly more than 20%; outgoing president exchanges 20% cert for two 10% certs.

Buying above 60%: a player already at 60% of a major or national may not purchase additional shares from treasury or Open Market except by the president buying from the Open Market at double share value.

Stock Rounds

Each player's turn: take exactly one stock action.

Available actions (Major RR Phase onward):

  • Sell any number of shares (owned since start of this action) then/or buy one share from treasury or Open Market
  • Float a major (expand a regional)
  • Merge a minor into a major or national
  • Use a private's SR ability / close a private / remove a private
  • Trade with another player (minors and face-up privates only)
  • Pass

No selling regionals at any time. No selling any shares during Train Phase 1.

Buying from treasury: pay par value (if marker still exists) or share value. Cash goes to the RR's treasury.

Buying from Open Market: pay current share value to the bank.

Same-SR restriction: cannot buy shares in a RR from which you sold this SR.

Railroad Formation

Floating a Minor (§9.1)

During Regional/Minor phase, a player exchanges a minor's associated private company for the minor charter. At float:

  1. Select a track rights chit (see Track Rights table) — this sets the minor's zone.
  2. Pay home token cost (from treasury) and place home token in any eligible city in the zone (not a metropolis, not already occupied by another minor's token, not a regional's home city unless that city has free slots).
  3. Place operating order marker on leftmost open position.
  4. Any patronage tile in the home city is fulfilled immediately (treasury receives lowest-bracket payout).

Floating a Regional (§9.2)

  1. Take charter, president's cert, two 25% certs, two markers.
  2. Set par value by placing marker on REGIONAL A–F slot.
  3. Pay 2× par to treasury; two secondary certs go to treasury.
  4. Pay home token cost from treasury. Remaining token stored on charter.

Regional par values: six REGIONAL slots (A–F) at par £60, £65, £70, £75, £80, £90. Regional shares always trade at the share value marker position; there is no IPO period.

Floating a Major (§9.3)

Only by expanding a regional. The regional's president (or a player who owns both 25% certs) triggers the expansion:

  1. Optional: president may buy one treasury share first (if available).
  2. Regional "expands" and becomes a major. Move par value marker from REGIONAL slot to the corresponding MAJOR slot (new par value). Move share value marker to the red-bordered Stock Market square at the new par value. Move 6 remaining shares + 6 tokens to major's treasury.
  3. The major is now a 10-share RR operating at share value.
  4. Optional (active player): sell shares of other RRs (not the newly floated major); or buy one share of the new major from treasury if no share was bought in step 1.

Major par values (A–F): £75, £80, £90, £100, £110, £120. Par marker removed at SR end.

Forming a National (§9.4)

Nationals form when Phases 4, 6, or 8 begin (i.e., when level 2, 3, or 4 trains rust). Starting with the player who purchased the triggering train, each player in turn may convert one or more of their majors to nationals.

Conversion steps:

  1. All treasury cash → bank.
  2. All treasury shares + any Pullman owned → Open Market (temporary >50% Open Market allowed).
  3. Abandon any minors merged with the major (see §9.5).
  4. Remove all tokens from map. Remove all non-train assets (track rights chits, port authorities, OE markers, private markers).
  5. Flip charter. Share value marker stays in place (now represents the national). All trains retained (including rusted trains).

Nationals have virtual tokens in every city with a token position within their home zone; these do not block other RRs. Nationals never place tokens on the map and are exempt from all tile placement expenses.

Abandoning a Minor (§9.5)

Occurs during national formation, when a national merges a minor, or when no merger is possible in Consolidation.

Steps: charter to Open Market; trains to Open Market (unless converting to national, in which case trains stay); tokens removed from map; D and L minor tokens placed with charter; treasury cash → bank; track rights chit stays with charter.

Abandoned minors may only be re-acquired by a major during its OR Buy or Sell Shares step for £60.

Stock Rounds — Merging a Minor (§10.5)

Available from Phase 3. One minor may merge into any major or national during a player's SR turn. In one SR, a given major or national may absorb only one minor; a player with multiple minors must merge them into different majors/nationals.

What the minor transfers:

Item To major To national
Stock share (from treasury or Open Market) One share to minor's owner One share (if available); if not → minor owner gets nothing; treasury cash → bank
Cash in treasury To major's treasury (bank gets it if no share was available) Bank (always)
Tokens on map Major may accept/decline each; accepted tokens replace minor's tokens with major's at no cost Not transferred
Special ability Transferred (stays active for rest of game; one-time abilities cannot repeat) Not transferred
Track rights chit Transferred to major Not transferred
Trains Major/national may accept or decline each; declined unrusted trains → Open Market; rusted → Locomotive Works Transferred

Merger without stock: if the major has no shares anywhere, merger is only allowed if a hypothetical unlimited train can connect one of the minor's tokens to one of the major's tokens (land route only; ferries allowed, sea crossings not).

If no major accepts a minor: minor's owner must publicly request offers; if a single offer is made, they must accept it. If no offers, minor is abandoned.

Cross-player mergers: allowed; may include personal cash exchange between the two players' personal funds (no RR treasury money).

Consolidation Phase (§10.6)

The first SR after Phase 5 begins. All remaining minors and regionals must be merged or abandoned. Special rules:

  • A player may not pass if they own a minor that §10.5 allows to merge into one of their own majors or nationals (even if no stock is available, a track connection triggers mandatory merge or negotiation).
  • A player may not pass if they own an un-floated major (must float it first).

Operating Rounds

Each RR operates in order: minors and regionals first (left-to-right on operating order track), then nationals and majors (highest share value first; ties broken right-to-left then by entry order into the square, top-to-bottom).

OR steps (per RR):

  1. Lay Track
  2. Place Token
  3. Run Trains and Calculate Revenue
  4. Pay, Split, or Hold Revenue
  5. Transfer Tokens (majors only)
  6. Buy Trains
  7. Buy or Sell Shares (majors only)

1. Lay Track

Tile points per OR:

Entity Points
Minor or Regional 3
Major 6
National 9

Cost in points: yellow tile = 1 pt; green/brown/grey tile = 2 pts; yellow metropolis = 2 pts; green/brown/grey metropolis = 4 pts. Points may be mixed freely. Unused points expire.

Upgrading: a RR may lay yellow then immediately upgrade to green (double upgrade), then brown (triple), or grey (quadruple) in a single OR if sufficient points remain and the required tile colors are available. Player chooses tile placement order freely.

Tile availability: yellow always available. Green from Phase 3; brown from Phase 5; grey from Phase 7. All unplaced tiles of any available color are shared — no reserving.

Track rights restrict where you can build: minors, regionals, and nationals may only lay/upgrade track in hexes within their own track rights zone (partly within zone = allowed). Majors have no restriction (they absorb all track rights from their regional and merged minors).

Right-of-way (§11.1.9): until Phase 3, a RR in its first OR after floating may lay one non-city green tile at the cost of all remaining tile points — but only if it cannot otherwise connect its home token to any town or city without a sea crossing, and only if this does not cause first-round insolvency.

Construction fees: first tile placement in a terrain hex only (upgrades are free).

Terrain Cost
Rough (mountain, forest) As printed on hex
Cross-water tile (ferry) £5 × ferry distance
Cross-water tile (sea zone) £10 per sea zone

Zone discounts (SP, IT, SC, RU zones): 20% off terrain fees for RRs with track rights in those zones (rounded in RR's favor). Minors E/F augment a 20% zone discount to 50% for matching terrain (water or mountain respectively); see Minor descriptions. Discounts are not cumulative — a major with Madrid home AND SP zone track rights still gets only 20%.

Nationals are exempt from all tile placement costs.

Port authorities reduce the total sea-zone + ferry count by 2 for cross-water tile placement costs.

2. Place Token

One token per RR per OR. Token placement requires a reachable path from an existing token (hypothetical unlimited train; land or ferry, not open sea zone). Token costs are listed on the charter; any available token may be selected regardless of cost order.

Extra costs for cross-water token placement:

Method Cost
Ferry crossing £20 × ferry distance
Sea zone £40 per sea zone

Port authorities reduce the sea-zone/ferry count by 2 for token placement costs.

Regionals and minors may only token within their track rights zone.

Nationals may never place tokens on the map.

Lille (§11.2.2): has a "prohibited" token position (marked "5") next to the White Cliffs Ferry route. Until Phase 5, any RR may use all normal Lille positions but not this one. The ferry crossing to/from Lille remains open to all trains as long as no token occupies the WCF position. Once a token is placed there, only RRs with a Lille token (or a CCTC token on Lille) may use the ferry crossing. If the token is later removed via national formation, Lille becomes permanently open.

3. Run Trains & Calculate Revenue

A valid route requires at least one of the RR's station tokens and two or more revenue-generating stops (cities, towns, red zones). Route may begin/end in towns, cities, or red zones.

City limit: a train's route may include at most N cities, sea zones, and red zones, where N equals the train's level. Towns are additional stops beyond this limit (see local/express rules below).

Local trains (2+2, 3+3, 4+4, 5+5, 6+6, 7+7, 8+8): count city revenue and also count town revenue for up to N additional towns (N = train level). A 2+2 runs up to 2 cities + 2 towns; may substitute towns for cities (but must include at least 1 city with the RR's token). E.g., a 2+2 may run 1 city + 3 towns.

Express trains (3, 4, 5, 6): count up to N cities/red zones; may substitute up to N–1 towns for cities. E.g., a 4 train counts up to 4 stops, up to 3 of which may be towns.

D trains (4D, 5D): up to 4 or 5 cities; all city revenue doubled. Towns not counted.

Pullman car: adds £10 × attached train's level to that train's revenue. President specifies which train. A Pullman on a combined OE train enhances only one component train's revenue.

Multiple trains: each train must use unique track sections (port arrows, ferries, and sea zones are exceptions — multiple trains from the same RR may share these). A city used by one train may also be counted by another if each uses different approach track. Revenue = sum of all trains.

Best routes: any player may point out a higher-revenue route combination; the president is then required to use it (Orient Express exception: president may choose a lower-value route to make an OE run even if it is not the best route).

National Revenue (§11.3.10)

Nationals do not run trains along specific routes. Instead:

  1. Total the national's train capacity: sum of all city-stop limits and town limits across all trains (D-train cities count ×2 for the "doubled" slots).
  2. Count revenue up to capacity from linked cities, red zones, and towns within the home zone. A city/zone is linked if it can trace any route to another revenue center inside or outside the zone (ferries allowed, sea crossings not; BBE tokens block connections). Red zones reachable only by sea crossing are linked if any home-zone city connects via a port arrow on the same sea zone.
  3. Any remaining capacity may be filled with unlinked cities/towns in the home zone at £0 each.
  4. Any capacity still remaining earns £60 per city slot and £10 per town slot (no route tracing required).
  5. No city/zone/town may be counted more than once.
  6. National always attaches its printed Pullman to its highest-level train automatically.

Nationals always pay full dividends (no withhold option). National markers adjust on the Stock Market.

4. Pay, Split, or Hold Revenue

Option Who gets what Share value movement
Full payout Each shareholder (including treasury shares) receives per-share dividend; round up each recipient to nearest £1 RIGHT if total ≥ share value; no change if 0 < total < share value
Half payout (split) Half to treasury; half split to shareholders by %; round up to nearest £1 per recipient Same as full payout based on half amount
Withhold All revenue → treasury LEFT

Minors always use half-pay. Nationals always use full payout. Regionals and majors may choose any option. Treasury shares pay their portion to the treasury.

5. Transfer Tokens (majors only, §11.5)

During its OR, a major may purchase already-placed tokens from other majors owned by the same player. As many tokens as desired may be transferred, subject to cash and available tokens. The purchasing major:

  • Pays the bank its own charter placement cost for the new token.
  • Pays the selling major a transfer fee:
City type Fee to selling major
Normal city or red zone £20
Grand city or "Y" red zone £40
Metropolis or "M" red zone £60

The selling major's token is replaced by the buyer's token; the sold token returns to the seller's charter for future placement. A major's home token may never be sold.

6. Buy Trains

All un-rusted trains of a given level must be sold before the next level is available (exceptions: level-3 trains not available in the first OR; level-8 trains only after the 4th level-7 purchase).

Trains purchased from the Locomotive Works may be bought local or express side up; price = face value of the chosen side. A train bought from the Open Market may also be either side; from another RR it must stay the same type.

Reserved 2+2 trains (§11.6.1): one 2+2 is reserved for each regional, minor, and major. Each must purchase this reserved train from the Locomotive Works with starting capital during its first OR after floating. This is the first purchase of that OR. If a major floats from a regional that already bought a 2+2, no additional 2+2 is required. If Phase 4 begins before a RR's first OR, reserved trains are rusted and this obligation ends.

Forced purchase (§11.6.4): a major that ends its OR without a train and cannot afford the cheapest available train must force-buy it. The president must contribute personal cash to cover the shortfall. President may not sell stock to raise this cash. Force-buy: always the cheapest available train (considering both sides of double-sided trains). If the president cannot cover the shortfall → president surrenders all cash to the bank and the major converts to a national immediately (see §9.4).

First-round insolvency (§11.6.5): applies only to minors and regionals that cannot afford their reserved 2+2 (the president cannot cover the gap). Steps:

  1. All president's cash → RR treasury. RR receives its reserved 2+2.
  2. President's certificate (regional) or minor charter → Open Market. Bank pays president: face value (£120 for minors; 2× par for a regional).
  3. RR does not operate until a player re-purchases its charter/certificate from the Open Market.

A player may not deliberately overspend on track/tokens to engineer insolvency. Any such expenditure is reversed (tokens restored, track removed, cash refunded) before the insolvency is adjudicated.

National train step (§11.6.6): nationals handle trains differently:

  1. Claim any unclaimed rusted trains for free (up to the national's train limit). May exchange owned rusted trains for higher-level unclaimed rusted trains for free. May flip any owned rusted train from express to local side at no cost.
  2. May upgrade rusted trains to non-rusted by purchasing them from the president's own other majors: rusted train returns to Locomotive Works; bank pays that major ½ × face value of the non-rusted train (rounded down).

7. Buy or Sell Shares (majors only, §11.7)

During its OR, a major may buy or sell its own shares into or out of its treasury (Open Market ↔ treasury), subject to normal stock market limits and rules (major acts as a player).

Additionally, a major may purchase one abandoned minor from the Open Market for £60 (paid to bank). The minor's assets are added as if by merger (§10.5), except the minor's former owner receives no share.

Track Rights

Every RR has track rights in specific zones:

  • Minor: chosen at float via a track rights chit.
  • Regional: the zone containing its home token hex.
  • Major: inherits from its regional + all minors merged into it.
  • National: inherits from the major that formed it.

Track rights determine where a minor/regional/national may lay track and place tokens. They also determine terrain discounts (see §11.1.5).

Table 1 — Track Rights Zones:

Zone Chits Regionals Home token cost Terrain discount
United Kingdom 2 * GWR, LNWR, GSWR £40 —
Prussia / Holland / Switzerland 2 * BHB, KBS, POB, KSS £40 —
France / Belgium 2 * PLM, OU, BEL, MIDI £20 —
Austria-Hungary 2 SB, MAV £20 —
Italy 2 SFAI, SFR £10 20%
Spain / Portugal 2 MZA, CHN, RCP £10 20%
Sweden / Norway / Denmark 2 BJV, DSJ £10 20%
Russia 2 MSP, MKV, WW, LRZD £10 20%

*UK, PHS, and FR share a combined pool of 6 chits; a maximum of 4 may be selected across all three zones. Once the 4th is taken, the remaining 2 are removed.

Sea Crossings, Ferries & Ports

Cross-water track & token costs

Type Tile placement cost Token placement cost
Ferry £5 × ferry distance £20 × ferry distance
Sea zone £10 per zone £40 per zone

Port authorities reduce the total sea-zone + ferry count by 2 for both tile and token costs (not port tokens or Minor H).

Route city limit

Sea zones crossed count against the train's city limit but generate no revenue. Ferries also count (ferry distance number counts; a distance-0 ferry counts nothing). If either end of a ferry line has a port symbol, the port may be used instead of the ferry to access the adjacent sea zone (same hex side).

Sea-zone limit reductions (cumulative):

Source Reduction
Port token (owned by operating RR or SHTC token) −1 per train (Phases 2–6); −2 per train (Phases 7–8)
Port authority marker −2 per OR, split across trains as desired
Minor H (Great Western Steamship Company) −1 per OR (Phases 1–6); −2 per OR (Phases 7–8)

Port types

Public ports (light blue anchor): any train may use them to enter/exit a sea zone.

Private ports (red anchor): only trains of a RR with a station token in the adjacent city may use them.

Offshore ports: port access arrow is one or more hexes from the city. Train uses the offshore port directly (no track section between port arrow and city); the intervening hex is skipped.

Ferries: blue track crossing sea zones. Any train may ride a ferry (even if its ends are also private ports). Ferry towns are countable on a route. Multiple trains from the same RR may share ferry and port-arrow connections; they must still use different land track sections at cities/towns. Ferries are exempt from the "cross a land hex between sea crossings" rule.

Port authorities (§11.3.5):

  • Cost: £125, purchased by a major during its OR (before the Buy Trains step). One per major. Also tradeable between same-player majors during Transfer Tokens step for exactly £125.
  • Two types: North Sea (light blue zones) and Mediterranean (sea-green zones).
  • Reduces sea zones and ferry distance counting against trains' city limits by 2 within the relevant area. This reduction applies to the RR (not per train); may be split between two trains.

The Orient Express

A major's train run that connects Constantinople to at least one of Paris, London, Berlin, Madrid, or Sankt-Peterburg is an Orient Express run.

Only majors may make an OE run. Nationals may not.

Revenue bonus (added each OR the route qualifies; one OE train per OR):

Train Phase OE bonus
2–4 £30
5–6 £60
7–8 £100

This bonus is not doubled by D trains. The run must include some land-based track; cannot consist entirely of sea crossings.

Combining trains for OE (§12.1): non-permanent trains (levels 2–4) may be combined into one larger train solely for an OE run. Permanent trains may not be combined. Combining a 2+2, 3, and another 2+2 creates a train with a city limit of 7 and 4 town slots. The SML 2+2 may not be combined. Minor L's +1+1 marker may be applied to the combined train. A Pullman on a combined train enhances only one component train's revenue.

First-time bonus (§12.2): the first time a major runs the Orient Express, it receives a marker. The president chooses one of:

  1. Bank payment: bank pays cash equal to the Orient Express train's total revenue into the major's treasury (after normal dividend distribution).
  2. Share value bonus: major's share value marker moves RIGHT 3 extra spaces (in addition to normal dividend movement).

Both the marker and chosen bonus must be accepted in the same OR. Once a major has an OE marker from a previous OR, it may no longer receive a first-time bonus.

Game End

Bank bust before first level-8 train: finish only the current OR. If it happens during a SR, play one more OR. Use remainder cash as needed.

First level-8 train purchased: add all remainder cash to the bank. Then:

  • If purchased in the first OR of a set: finish the current OR set, play a SR, play final two ORs.
  • If purchased in the second OR of a set: finish that OR, play a SR, play three ORs (the 2nd and 3rd are the final two).

Final two ORs: the first plays normally. The second OR is abbreviated: each RR re-pays the same revenue it earned in the first final OR (same distribution method; no new track, tokens, or train purchases). Exception: a RR that acquired a new train in the first final OR may recalculate its revenue for the second OR.

Winner: highest total of personal cash + stock certificates at share value + face-up privates at face value.

Private Companies

Ten special-ability privates are auctioned in rows 1–4. Privates count towards certificate limits while face-up; are removed from the limit when face-down (closed). Revenue is paid at the start of each OR.

Sym Name Value Rev Ability
RSC Robert Stephenson and Company £20 £5 None
PeC Ponts et Chaussées £20 £5 None
WS Wien Südbahnhof £40 £10 During any RR's Place Token step: owner places one station token from a controlled RR for free (token must be reachable normally; sea-zone crossing fees still apply). If owner also holds WCF, may use WS to pay for the WCF token. One use; immediately removed on exercise.
BBBT Barclay, Bevan, Barclay and Tritton £40 £10 One marker; use one of three abilities: (1) During any SR or the RR's OR: re-set the par value of one owned regional or major to any valid par for that type (marker must still be on Par Values section). (2) During any SR: place one share of any RR into custodianship (reserved for owner; marker placed on share; may not be purchased by others). Closes at SR end. (3) During any SR (even mid-other-player's action): prevent one RR's share value marker from moving DOWN for the rest of that SR (place marker on the share value marker). Closes at SR end.
SHTC Star Harbor Trading Company £60 £15 During a controlled RR's Place Token step: place token in any port city at no cost (does not use a token slot). Owning RR may use this city as private or public port for sea crossings (−1 city-limit reduction per train, Phases 2–6; −2, Phases 7–8). Other RRs' tokens there do not block the owning RR; other RRs earn no revenue from this city. Token city need not be reachable; may not be the sole token on a route; may not be used for further token placements. May be exercised during a SR (including while another player is purchasing stock).
CCTC Central Circle Transport Corporation £60 £15 During a controlled RR's Place Token step: place token in any non-port city at no cost (does not use a token slot). Owning RR counts this city as a town for routing (not a city). Revenue: £10 (Ph 2), £20 (Ph 3–4), £40 (Ph 5–6), £60 (Ph 7–8). Other RRs' tokens there do not block owning RR; others earn no revenue from this city. Same additional rules as SHTC (not sole token, no further token placements, exercisable during SR).
WCF White Cliffs Ferry £60 £15 At start of Phase 5: owner may immediately place a station token from a controlled RR on the White Cliffs Ferry position adjacent to Lille at no cost (RR pays from treasury; no connection required). If owner waits, token may be placed during the RR's Place Token step (uses that step). WS may pay for this token. Ferry position acts as open Lille slot until used.
HMLC Hochberg Mining & Lumber Co. £80 £20 During a controlled RR's Lay Track step: place token on any rough-terrain hex with construction fee ≥ £45 (may already have track or one town, which the token replaces). Only owner's RRs may use track on that hex. To remove: another RR pays the hex's original terrain cost + 1 tile point (2 for metropolis); nationals skip terrain cost but still pay tile point(s). Certificate turned face-down on placement.
BBE Brandt & Brandau, Engineers £100 £25 Four tokens; up to 2 per OR across controlled RRs (same or different): place token on a rough-terrain hex and lay a yellow tile there at no terrain cost (tile points still spent; tile may be upgraded immediately). Only owner's RRs may use track bearing these tokens. To remove: another RR pays original terrain cost + 1 tile point (2 for metropolis); nationals skip terrain cost. Certificate face-down when last token placed; removed from game when all tokens are gone. BBE-marked hexes block national track-connection tracing.
SML Swift Metropolitan Line £120 £0 From Phase 4 onward: owner designates a controlled RR to receive one unclaimed rusted 2+2 train (marker placed on it). The 2+2 is permanent and durable — does not count against train limit, cannot be sold, does not fulfill "must own a train" requirement. Cannot run on track already used by the RR's other trains in the same OR. Cannot be combined for an OE run. Minor L's +1+1 may enhance it. If owned by a minor at merger, train transfers to the major.

Minor Companies

Twelve minors (A–M, no I) are floated via associated minor-exchange private companies (face value £120 each, auctioned in rows 5–7). A player exchanges the private during a SR to float the minor. Each minor:

  • Has 1 × 100% share (owner controls 100%).
  • Has 2 tokens; first token cost set by track rights chit; second token costs £20.
  • Operates among regionals/minors in operating order.
  • Always pays half revenue (50% treasury, 50% to owner).
  • Must buy a reserved 2+2 train in its first OR.
  • Transfers its special ability to any major it merges into (ability remains active for rest of game; one-time abilities are non-repeatable after transfer).
Sym Name Special ability
A Silver Banner Line At merger into a major: bank pays cash equal to the major's current share value into the major's treasury (not from the minor's treasury; even if no share is exchanged).
B Orange Scroll Surveyors All track upgrades cost only 1 tile point (towns included). Does not apply to cities, grand cities, or metropolises.
C Golden Bell Marketplace At the start of each OR, the president may choose this RR's operating position: first, last, or normal (minor/regional order; major/national order after merger). Choice announced before any other RR operates.
D Green Junction Mercantile Place a +£20 bonus marker on any non-metropolis, non-red-zone city on the map during the Lay Track step (even unreachable). All of the minor's (or owning major's) trains earn +£20 running to/through that city. At Phase 5 start, the +£20 marker is removed; a new +£40 marker may be placed (same or different eligible city).
E Blue Coast Bridge Construction Company Receives a 33% discount on coastal/river (blue terrain) construction costs. Also: may spend 1 extra tile point per OR on yellow tiles in blue-terrain hexes. When combined with a 20% zone discount (SP, IT, SC, RU), the zone discount is instead augmented to 50% for water/coast terrain.
F White Peak Mountain Railway Receives a 33% discount on mountain/rough (green terrain) construction costs. Also: may spend 1 extra tile point per OR on yellow tiles in green-terrain hexes. When combined with a 20% zone discount, the zone discount is augmented to 50% for mountain/rough terrain.
G Indigo Foundry and Iron Works Receives +2 extra tile points each OR.
H Great Western Steamship Company Reduces sea-zone city-limit count: −1 per OR (Phases 1–6), −2 per OR (Phases 7–8). Applies to the RR, not each train; may be split across two trains. Does not reduce cross-water tile/token costs.
J Grey Locomotive Works 10% discount on all train purchases (Locomotive Works and other RRs). Minor M still receives the full £15 royalty even when J's discount applies.
K Vermilion Seal Couriers Mail contract: bank pays directly to treasury at the start of each OR (not train revenue; not split): £20 (Ph 2), £40 (Ph 3–4), £50 (Ph 5–6), £60 (Ph 7–8). Cash is available immediately for that OR.
L Krasnaya Strela At the start of the Run Trains step each OR: assign +1+1 marker to one train. That train's city limit and town count are each increased by 1 (e.g., 2+2 runs as 3+3; 4D runs as 5D but the extra city does not double — president chooses which city is the "extra" non-doubled city). Does not affect Pullman revenue level. Marker may be reassigned each OR.
M Compagnie Internationale des Wagons-Lits Owns 10 Pullman cars. Receives one free Pullman at Phase 4 start. Other RRs purchase Pullmans for £150 (bank) + £15 royalty to M or owning major (not if from Open Market). Minor J's 10% applies to price, not royalty. At merger, owning major receives M's Pullman (if both M and major own one, one must be discarded to Open Market).

Regional Companies

Regionals float at 50% (president's cert) with two additional 25% certs. All shares always trade at the share value marker position. Players cannot sell regional shares.

United Kingdom (UK) — home token cost £40

Sym Name Home
LNWR London and North Western Railway J27
GWR Great Western Railway L25
GSWR Great Southern and Western Railway I20

France / Belgium (FR) — home token cost £20

Sym Name Home
PLM CF Paris à Lyon et à la Méditerranée U34
MIDI CF du Midi U24
OU CF de l'Ouest Q26
BEL SNCF Belges N35

Prussia / Holland / Switzerland (PHS) — home token cost £40

Sym Name Home
BHB Berlin Hamburger Bahn K46
POB Preußische Ostbahn L53
KSS Königlich Sächsische Staatseisenbahnen N49
KBS Königlich Bayerische Staatseisenbahnen R47

Austria-Hungary (AH) — home token cost £20

Sym Name Home
SB Österreichische Südbahn R55
MAV Magyar Államvasutak S60

Note: SB and MSP each have their home within a metropolis. When the yellow metropolis tile is laid, the floated RR's president must immediately choose which token position the home station occupies.

Italy (IT) — home token cost £10, 20% terrain discount

Sym Name Home
SFAI Società per le Ferrovie dell'Alta Italia V41
SFR Società per le strade ferrate romane Z47

Spain / Portugal (SP) — home token cost £10, 20% terrain discount

Sym Name Home
CHN Caminos de Hierro del Norte de España Z27
MZA Cía de los Ferrocarriles de Madrid a Zaragoza y Alicante AD17
RCP Companhia Real dos Caminhos de Ferro Portugueses Z1

Russia (RU) — home token cost £10, 20% terrain discount

Sym Name Home
MSP Petersburgo-Moskovskaya Zheleznaya Doroga C74
MKV Moskovsko-Kiyevo-Voronezhskaya Zheleznaya Doroga O80
LRZD Libavo-Romenskaya Zheleznaya Doroga J73
WW Droga Żelazna Warszawsko-Wiedeńska M62

Scandinavia (SC) — home token cost £10, 20% terrain discount

Sym Name Home
DSJ Det Sjællandske Jernbaneselskab I50
BJV Bergslagernas Järnvägar F49

Rules Clarifications

  • Minor E/F discount in detail: Appendix B specifies 33% off for the minor's own zone terrain (multiply cost × 0.67, round down). Section 11.1.5 specifies that when the RR has both a 20% zone discount and minor E/F, the combined discount is 50% (not cumulative). A major with SP zone rights + minor E has 50% water discount in SP; a minor E with UK zone rights has 33% off blue-terrain costs in UK (no zone discount there).
  • Track rights and majors: majors inherit rights from their regional and all merged minors. Duplicate rights have no cumulative discount effect. Majors may lay track anywhere on the map regardless of rights; rights only matter for discounts.
  • Share selling restriction: a player may not sell a regional's shares (ever). A player may not sell a national's shares... actually, nationals are treated like majors for selling purposes — shares in them can be sold, subject to 50% Open Market limit and president ownership rules.
  • Consolidation forced merge: during Consolidation, a player with a minor they can merge into their own major must do so before passing — even if the major has no stock in treasury or Open Market — unless the minor has no track connection to any eligible major/national. Connection = hypothetical unlimited train; land or ferry; not sea crossing.
  • National cannot receive minor ability: when a minor merges into a national it is abandoned; abilities do not transfer.
  • Rusted trains and nationals: nationals may only acquire unclaimed rusted trains from the Locomotive Works. Rusted trains in players' hands or on majors are not available unless upgraded through the national-train step (§11.6.6 step 2).
  • OE run not mandatory: a RR may choose a lower-revenue route to make an OE run even if the OE route is not the highest-value combination. However, if the OE route is the best route, the RR must run it.
  • Patronage tiles: 45 tiles placed randomly on specific cities at game setup. When a RR places track on a patronage-tile hex, it immediately receives a one-time payment equal to the amount printed on the tile next to the highest available track color for the current phase. Tile removed from game.
  • Par value mark removed at SR end: once a major's par value marker is removed, shares trade strictly at share value from that point on (from both treasury and Open Market). BBBT option 1 (re-par) requires the par marker to still be in place.

Implementation Notes

  • Minor exchange to float: exchange the minor's private during a Stock Round. The private must be in the player's hand (not owned by a corporation).
  • Minor C (Golden Bell) operating order: a choice panel appears at the start of each OR before any RR operates. Select "First", "Last", or "Normal".
  • Minor D (Green Junction) token placement: the token is placed during the Lay Track step. At Phase 5, the +£20 token is automatically removed and a new placement step is offered.
  • Minor L (Krasnaya Strela) +1+1 assignment: a train-choice dialog appears before the Run Trains step each OR.
  • D-train revenue doubling: city revenue on 4D and 5D trains is automatically doubled. The extra city from Minor L's +1+1 marker is excluded from doubling.
  • CCTC token city treated as town: revenue shown as £10/£20/£40/£60 by phase.
  • Hochberg Mining (HMLC): rough-terrain hexes with fee ≥ £45 only. Token placement during Lay Track step.
  • Brandt & Brandau (BBE): rough-terrain hexes; up to 2 tokens per OR. Terrain cost waived; tile points still consumed.
  • White Cliffs Ferry: ferry position adjacent to Lille (N31). Phase 5 opens the position. Connection to Lille not required.
  • Open issues: 18OE open issues on GitHub

Open Issues