1844: Schweiz

1. Setting, map and number of players
1830 covers the northeastern USA for 2-6 players. 1844 moves the action to Switzerland, with a map dominated by mountains and tunnels, and is designed for large groups of 3 to 7 players.

2. Three tiers of operating companies with different rules from each other
In 1830 every company follows exactly the same rules. In 1844 there are three types: Regional companies (R1-R3, 5 shares on 4 certificates, may only use H-trains, own at most 2 trains, and their share price can never rise past the market's red line), Large Historical Companies (H1-H6, 10 shares on 9 certificates), and Pre-SBB companies (V1-V5, 4 shares on 3 certificates), which will eventually merge into the Swiss state railway.

3. Capitalization split into two halves, gated by reaching a destination hex
In 1830 a company receives the full par value of its shares (full capitalization) the moment it floats. In 1844, Large Historical Companies only receive half (5 times the par price) when founded; the other half only arrives once the company physically connects its home hex to a specific destination hex marked on its charter. Pre-SBB companies work the same way, but with 2 times the par price in each half.

4. Every train exists in two interchangeable versions: normal (by cities) and H (by hexes)
In 1830 a train's route is always counted by the number of cities and towns it passes through. In 1844, when buying a train, a company chooses between the normal version (counts cities) or the slightly cheaper H version, which counts every hex traversed, including the starting one. Regional companies' trains can only be of this second kind.

5. Tunnel Company certificates that grant a one-time right to build a tunnel
A mechanic absent from 1830: five Tunnel Company certificates (50 SFR each, bought during stock rounds) grant the right, while the owner is director of a company, to build a tunnel on a marked hex for 100 SFR. Once that right is used, the certificate is flipped and spent; built tunnels add +10 SFR to every city and hex on the route passing through them.

6. Mountain Railways bought outright, not as shares in a company
1830 has no investment of this kind. 1844 has five Mountain Railways available for a flat 150 SFR during stock rounds; whoever buys one places a marker on a specific mountain hex and, the first time a company runs a train there, receives 40 SFR of income every operating round, without the certificate counting against the share limit.

7. Mandatory merger of five companies into the Swiss State Railway (SBB)
In 1830 companies never merge with each other. In 1844 the five Pre-SBB companies (V1-V5) mandatorily merge into the SBB the moment the first 5 or 5H train is bought: the SBB receives all the Pre-SBB companies' possessions, starts with a 5H train already owned, and an additional 400 SFR in treasury.

8. There is no bankruptcy: debts accrue interest instead of triggering liquidation
In 1830, if a company can't pay for a mandatory train, it can ultimately be liquidated. 1844's rules state explicitly that there is no bankruptcy in this game: if the director doesn't have enough company treasury or personal cash to complete a mandatory purchase, they go into debt to the bank, paying 50% interest on the outstanding debt every stock round until it's cleared.

9. The bank automatically "sells trains abroad" at the end of every block of operating rounds
A mechanic that doesn't exist in 1830: from Phase 2 onward, at the end of each series of operating rounds, the bank removes and "sells abroad" the cheapest available train in the stack, even if no company has bought it. This can push the game into a new phase even if players are buying trains slowly.

10. Regional companies' share price has its own ceiling
In 1830 every company shares the same stock market with no type-specific ceiling. In 1844 Regional companies (R1-R3) have a maximum price fixed at 200 SFR: even if they pay dividends that would push the price higher for any other company, their marker can never cross that red line on the market.

1844 — Schematic summary (vs 1830)

SETTING

• Map of Switzerland, dominated by mountains and tunnels
• 3-7 players

COMPANIES

• Regional (R1-R3): 5 shares/4 certificates, H-trains only, max 2 trains, share price capped at 200 SFR
• Large Historical Companies (H1-H6): 10 shares/9 certificates
• Pre-SBB (V1-V5): 4 shares/3 certificates, merge into the SBB once the first 5/5H train is bought
• Two-part capitalization: the second half only arrives once the company's destination hex is connected

SPECIAL INVESTMENTS

• 5 Tunnel Company certificates (50 SFR): one-time right to build a tunnel (+10 SFR route bonus)
• 5 Mountain Railways (150 SFR, bought outright): +40 SFR income per round once a train reaches it

TRAINS AND PHASES

• Every train has a normal version (counts cities) and a cheaper H version (counts hexes)
• The bank automatically sells the cheapest train "abroad" at the end of every block of operating rounds

FINANCES AND GAME END

• No bankruptcy: debts from mandatory purchases accrue 50% interest per stock round until repaid
• Game ends when the bank runs out of money