Acknowledgements

1825 is a game designed by Francis Tresham and published by Hartland Trefoil, now a subsidiary of Hasbro Inc. It is still under production by Tresham Games, under license from Hasbro.

This FAQ written by Mike Hutton, with input from Francis Tresham, Jonathan Draper and some ideas from Stuart Dagger.

In reality there isn't the same need for a FAQ as there is in other 18xx games, but these are listed as possible areas of confusion. The FAQ currently covers unit 1 and expansion kits G1, G2, R1, R3, K1, K2, K3, and K7.

It is worth noting at the outset that Francis Tresham's outlook on games is that players may do as they please within the rules of the game, just as long as everyone enjoys themselves. From this point of view any or all of the opinions outlined below may be ignored or superceded if players are in agreement.

1. Game Setup

Q1) If I use the regional kits or Phase 4 (for instance), how much money should the bank start with?
A1) The rules don't explicitly state how much money you should use aside from the standard £5000. There is an implication that players should add money from the G3 kit (£10,000). This can seem like an awful lot, and when using a single unit and one expansion (say, K2) it may mean that players run out of track to develop long before the bank runs out of money. Many players recommend starting with £6000 for unit 1 on its own, to allow the later companies more of a chance to develop. In practice, when using the regional kits (Wales & North Norfolk, currently), I estimate adding £1000 to the bank for each regional company available. Using the Phase 4 or the additional trans expansions to their best effect may need an additional £2000 in the bank for each kit. The final say is down to the players.

2. Stock Rounds

Q1) When can I buy the president's share in a company?
A1) When the last share in ONE of the companies in the next higher price band has been sold. I.e. when one of the companies in the next higher price band has no shares in the intial offering.

Q2) Am I allowed to sell my shares in a stock round in order to empty the bank of funds and so finish the game?
A2) The rules don't actually cover ending the game during a stock round. They seem to assume that the game ends after an operating round, so while the rules generally allow for this to happen during a stock round, it is by default rather than specifically stated. It is generally recommended to finish the game at the end of the OR after the bank runs out of money. Indeed, there are some who recommend playing until the end of a set of ORs after the bank runs out of money.

Q3) The rules say I can sell a president's share to the bank if no-one else has two shares in the company. Am I allowed to sell one of the shares and so swap the directors share for a single share certificate from the bank?
A3) You can in other 18xx games. In the absence of a decision from Francis, the recommendation is that you can.

3. Company Formation and Flotation

Q1) The LSWR and GER have both floated in the same stock round. Which runs first?
A1) The company whose 6th share was sold first.

Q2) When does a company float?
A2) The rules don't actually define "floatation" as such. Companies FORM (i.e. start to operate) in the round after their 6th share is sold. In this way you can infer that they FLOAT (i.e. become elegible to operate) once their 6th share is sold. This explains the answer to Q1 in this section. When dealing with minor companies, however, things get a little blurred. Minor companies do not necessarily float on the sale of the 6th share, in direct contravention to rule 4.1.2. Instead, they float when their treasury contains enough to pay for their integral train. This may require the sale of 8, or even all of the company's shares. The treasury amount is the value of all the shares sold. To coin a phrase used in other 18xx games, major companies receive full capitalisation (i.e. they get 100% of their initial captial when they are formed) and minor/regional companies receive partial capitalisation (they get the money as shares are bought by players).

Q3) Can a minor company have a par value which is higher than some/all major companies? If so, when does it operate?
A3) Operating order is in decreasing par value with ties broken by order of floating, so if the M&GN floats with a par price of £112 it seems as though it would run before the LNWR. However, after a ruling from Francis Tresham minor companies ALWAYS operate after all major companies. This is to specifically stop players starting a minor with a large par price so they can operate before any other companies have a chance to react to them. The rules for flotation can result in strange effects - e.g. if the par for the Taff is set at 112 then the par for the Cambrian is set at 112 the Cambrian will run first as the Cambrian will float on the purchase of the director's share (as it can afford the £410 U3 train), whereas the Taff needs the 5th/6th share certificate to be bought in order to pay for its 4T train.

Q4) Is there an upper limit on par price for minor companies? I.e. can you set the par to £340 and so effectively end the game?
A4) There is effectively no limit apart from par needing to be a valid share price on the chart. However, the game ends when a share RISES to £340, so the quickest method would be to set par at £320 and then declare a dividend of at least £16 per share. However, note that the unit 2 stock market has an upper value of £500, and it is highly unlikely that players will be able to finance a minor company with a par of £480 as the director's share would cost a whopping £1920!!

Q5) If the director's share in the M&GN has been sold, and the pawn placed on the SPI, but the company not floated can another company place a token on Melton Constable?
A5) No.

Q6) If the director's share in the Cambrian has been sold, and the pawn placed on the SPI, but the company not floated can another company build on R8?
A6) No.

Q7) When does the Taff decide which station its home base is in?
A7) That depends on whether a tile has been lain in its home hex. If it has then it chooses when it forms, i.e. at the start of the operating round after it has floated. If no tile is there then it chooses when it lays its home tile. If, say, the GWR lays a tile in Cardiff between the start of the operating round and the Taff's first operating turn. Then a GWR token may be placed on the tile BEFORE the Taff chooses to lay its token.

Q8) Is it allowed to set the price of a Minor company at less then 1/10th the cost of its train?
A8) The rules seem to imply yes, but warn that it will never run. In practice this allows you to "kill" minor companies by setting their par prices below the required level and then selling the director's shares back to the bank. Since it is doubtful Francis intended this it is recommended that you should NOT be allowed to set par below the 10% of train price level.

Q9) Can a player who has the maximum number of allowed certificates start a new minor company with a share price below £50 (so that the new shares do not count towards the limit)?
A9) Yes. The par is set before the shares are bought so they don't count towards the certificate limit.

4. Operating Rounds

Q1) My company has no trains. Does this stop me from upgrading track?
A1) Yes and no. The company may upgrade plain track normally, but may not upgrade a station tile.

Q2) How many tiles may the SECR (or LBSC) lay on its first operating round?
A2) It depends on what other track is connected to their home hexes. If not, then normally these companies may only lay one tile since the second tile would be adjacent to the tile laid on their home base. However, in some circumstances track may have be laid to allow the company to make a second tile lay not adjacent to the home base.

Q3) When running trains, do I have to declare the maximum possible earnings?
A3) This isn't entirely clear. The rules don't explicitly state that the director has to run his trains for maximum profit, but "to the best advantage". In a game like 1830 this is covered by the rule that shareholders may point out a better revenue run than that declared by the director. The same is not true in 1825, so unless you decide otherwise no such restriction exists.

Q4) Does the receiver ever run a minor company?
A4) No. Minor companies without a director do not operate. The share price will fall one space per OR.

Q5) Can a company without a 'T' train extend track on a railhead which includes a single (dashed) track tile?
A5) This is not explicitly prohibited in the rules, so the answer is yes.

Q6) Can a company without a 'T' train upgrade single track (to normal track)?
A6) Yes.

Q7) Can a company without a train upgrade track which is only accessible to a company base via a hex containing single (dashed) track?
A7) Yes and no. The company may upgrade plain track , but not a station tile, since the tile is not accessible except using a 'T' train.

Q8) If my 'U' train ends its run in a minor station, does this count as one of its three stations. I.e. is the "any number of minor stations" ability restricted to minor stations which fall between two major stations?
A8) No, U3 runs to 3 major stations and any number of minors, including at the ends of the route.

Q9) Can a company lay a second token, in addition to its home base, on its first round of operation?
A9) No. This is explicitly not allowed in the rules since placing the home base is still placing a token.

Q10) When a company lays two tiles, can it use the first to trace a route to the second, where the second would not normally be available without the first?
A10) Yes, just as long as there are other hexes between the two tiles.

Q11) I want to upgrade a station which is two stops away from any of my bases. I only have '2' trains. Can I use the "double-heading" rule to reach this station and so upgrade it?
A11) No. The rules state that you have to reach the station with ONE of your trains.

5. Miscellanea

Q1) Are the "gentleman's agreements" mentioned in 6.5.3 binding?
A1) It's not expicitly stated anywhere, so to an extent it depends on the group you are playing with. The general rule would be that no such agreements are binding.

Q2) Are players and companies allowed to each other money?
A2) This shouldn't need asking, but the rules only cover lending. The answer is no.

Q3) At the end of the game I have shares in a company which never floated. Are these worth anything?
A3) They are worth face value. The rules are meant to imply that the current value of shares is used, and hence the reference to the stock market. The rules are not meant to imply that just because a company hasn't floated and therefore has no token on the stock market, it means that the company's shares cannot be counted.