For-Ex
For-Ex Rulebook
Table of Contents
Table of Contents
Components
The game is played with a Currency Board, a sheet of counters, and 205 cards. Many of the counters are used in conjunction with the Currency Board to denote the current relationship between two currencies in a currency pair; there are six such counters for each currency (as each of the seven currencies are part of six currency pairs). The remaining counters represent a half-buck (0.50) or an additional five (+5) or ten (+10) bucks.
The cards are divided as follows:
- 126 Notes, representing 1, 2, 3, or 5 bucks of the stated currency. These are double-sided.
- 56 Certificates, 8 for each currency, representing the ability to invest in that currency.
- 5 Dividend Cards, numbered "0" through "4".
- 18 Contract Cards, labeled "A" through "F" thrice.
Currency Pairs
Crucial to the game is understanding the concept of a Currency Pair. Each currency has a value relative to every other currency, with one currency being stronger than the other (and, of necessity, the other being weaker). If, for example, one United States Dollar (USD) is worth two Japanese Yen (JPY), the USD is stronger than the JPY, as it would require 2 JPY to buy 1 USD. And, conversely, the JPY is weaker than the USD, as it only takes 1 USD to buy 2 JPY. The higher the quantity, the weaker the currency.
The relative values of each Currency Pair are tracked on the Currency Board. Each row of the board indicates a specific Currency; that row is used for tracking Currency Pairs in which the named currency is the stronger currency. A double-sided counter is used on the numerical track, displaying the weaker currency, to demarcate its value relative to the stronger currency. There is always a stronger currency and a weaker one in every Currency Pair, even if the exchange rate is 1:1. If the JPY marker is on the "1" space of the USD row, the JPY is weaker than the USD.
Strengthening and Weakening Currencies
Throughout the game, you will need to Strengthen or Weaken a currency. This results in an adjustment in every Currency Pair in which that specific currency plays a part. How this is represented within a given Currency Pair depends on whether it is the Stronger or the Weaker Currency in that Pair.
When Strengthening a Currency: If it is the Stronger Currency in the Pair, move the counter for the Weaker Currency one space to the right. If it is the Weaker Currency in the Pair, move the counter for the Currency one space to the left. If it is already on the "1" space, it now becomes the Stronger Currency. Flip the counter over and place it on the "1" space of the row for the new Stronger Currency. For example, if the JPY is Strengthened and it was previously on the "1" space of the USD row, the counter is flipped to its USD side and placed on the "1" space of the JPY row.
When Weakening a Currency: If it is the Stronger Currency in the Pair, move the counter for the Weaker Currency one space to the left. If that Weaker Currency is already on the "1" space, it now becomes the Stronger Currency (as above). If it is the Weaker Currency in the Pair, move the counter for the currency one space to the right. If a Currency is already on the right-most ("8") space of its row, it does not Weaken any further. Note that a Currency on the "8" space does not pay Dividends for Certificates.
Example: the USD is strengthened. The USD is the weaker part of the USD-EUR currency pair, so its counter is moved to the left. The JPY is the weaker part of the USD-JPY currency pair, so its counter is moved to the right; the strengthening of the USD is implemented by weakening that specific JPY counter. Note that the JPY counter for the JPY-EUR pair is not moved at all; only the counters that depict a relationship with the USD are moved.
Example: the USD is weakened. The USD is the weaker part of the USD-EUR currency pair; its counter is moved to the right. The USD is the stronger part of the USD-JPY currency pair; the weakening of the USD is implemented by strengthening that specific JPY counter.
Example: the USD is strengthened. It is the weaker currency in the USD-EUR currency pair, but the counter is already on the "1" space and cannot move left. The USD now becomes the stronger currency in the pair; the marker is flipped to its EUR side, and placed on the "1" space of the USD track.
Set-Up
Place the Currency Board at the center of the table. Place the counters for each Currency Pair into the spaces printed on the Currency Board, with the indicated side face-up. For example, in the USD row, there is a "JPY" printed on the "1.50" space, and so the USD-JPY counter will be placed, JPY side face-up, on the 1.50 space of the USD row.
Sort the Notes for the seven currencies into easy-to-reach piles. Place the half-buck counters near these piles. Give each player a 2 buck Note in each Currency. Players may "make change" at any time. If players gain monies in any half-buck increments, they should place those half-bucks next to or on top of the Notes for the relevant Currency.
Shuffle together the Certificates for all seven currencies. Randomly draw 6 cards off the top, placing them back in the box. Sort the remaining 50 Certificates so that each of the seven currencies has its own pile. Place these within easy reach of each player, fanning them slightly so that it is clear how many Certificates there are for each currency.
Sort the Contract Cards by letter, forming six piles. Reserve space for one more stack of cards on both sides of each pile. This forms the Contract Display.
Reserve a space for seven cards; this is the Contract Queue. In the first space of this Queue, place the five Dividend Cards in a single stack, with the "0" card on top and the "4" card on the bottom.
Flow of Play
The game is played over the course of several Turns. The player who usually wins at opaque stock-holding games takes the first Turn, and play passes to the left.
On a player's Turn, they will do one, and only one, of the following actions.
- They may Make a Contract with the Bank;
- Invest in one or two Certificates;
- Divest Certificates belonging to a single economy;
- Resolve a Contract, Loan, or Dividend.
Before taking their single action, they may on their Turn make one Spot Transaction with another player. The game ends when the final Dividend has been Resolved, or when a player is unable to pay off a Loan.
Spot Transactions
A Spot Transaction involves one player trading one buck (exactly) of one Stronger Currency to another player for the associated amount of another Weaker Currency, as defined by the current value of those two Currencies within their Currency Pair.
For example, if 1 USD is worth 2 JPY, the acting player can trade 1 USD to another player in exchange for 2 JPY, or can trade 2 JPY to another player in exchange for 1 USD.
A Spot Transaction is always between two players (the acting player and one other player) and is always at the lowest but simplest possible rate of exchange. You cannot, for example, exchange 2 USD for 4 JPY in a Spot Transaction. Neither can you trade 1 JPY for 0.50 USD.
A Player may, but is not required to, perform 1 Spot Transaction before taking any turn. Other players may freely suggest a Transaction that they feel will be beneficial to one or both parties. No player is required to accept a Transaction proposed by the acting player, or vice-versa.
Make a Contract
To make a Contract with the Bank, the Player takes the next available set of Contract Cards ("A" if it is not in use, then "B", then "C", etc.). They place one card in front of themselves, and they place one card behind the last card in the Contract Queue. The third Card remains in place in the Contract Display.
To the immediate left of the third Contract Card, the player places from the Bank an amount of a given Currency, which they are promising to pay. They do not necessarily have to have that amount of that Currency on hand at the time the Contract is made. To the immediate right of the third Contract Card, the player places from the Bank the equivalent amount of another Currency. Note that in both cases, the money comes from the Bank, and not from the player's holdings.
For example, if 1 USD is currently worth 2 JPY, a player may propose to pay 6 USD (placing it to the left of the third Contract Card) in exchange for 12 JPY (placing it to the right of the third Contract Card). When the Contract is Resolved, that player will be required to pay 6 USD (if able) and will receive 12 JPY, even (and especially!) if the exchange rate has changed in the interim. For more on this, see the Resolve action.
Don't be obnoxious rule: When making a Contract, the amount of the stronger Currency must be a whole number amount, not in excess of ten bucks; if 1 USD is worth 1.5 JPY, you cannot trade 1 JPY for two-thirds of 1 USD; that's obnoxious.
Only six Contracts may be in use at a given time; if there are no Contract Cards available, a new Contract cannot be formed at this time.
Invest
To Invest, a Player pays to the bank 2 bucks of a given Currency, taking in exchange one Certificate for that Currency. For example, by paying 2 USD, a Player may take one USD Certificate.
There are limits to this action: A single Player cannot hold more than 4 Certificates for a given Currency. A Player may Invest in two Certificates in a single action, but both Certificates must be for different Currencies. For example, you could Invest in USD and JPY in a single action, but cannot Invest twice in USD in a single action.
Whenever you Invest in a Currency, it is Strengthened.
Divest
To Divest, a Player sells one or more Certificates of a single Currency type: the Certificate is put back into the box (not in play) and the Player receives 2 bucks of the appropriate Currency from the Bank.
When a Player takes a Divest action, they announce the Currency for which they wish to Divest Certificates, and the number of Certificates; then, the other players, in clockwise fashion, each have the opportunity to likewise sell one or more Certificates of that type.
(Per the BGA Game Summary, cited above: the divested Currency is Weakened once for each Certificate that is divested.)
Resolve
The following account of Resolve — covering Resolving a Contract, Resolving a Loan, and Resolving Dividends — is transcribed from Board Game Arena's official For-Ex Game Summary reference (see the source note above).
To Resolve, the Player deals with the front item in the Contract Queue:
- If the front item is a Contract, the player who created it must pay the amount to the left of the Contract, and receive the amount to its right. If they cannot pay, they still receive the amount to its right, and the Contract converts to a Loan, with the amount owed increased by +1. The Loan moves to the back of the Contract Queue, with the player who created the Contract now responsible for the Loan. If the player already has a Loan in the Contract Queue, the new Loan is combined with the previous Loan; all combined Loans must be paid off at the same time.
- If the front item is a Loan, the player who is responsible for the Loan must pay the amount owed. If the Loan cannot be repaid, the player is Bankrupt and the game immediately ends.
- If the front item is a Dividend, players earn 0, 2, or 3 bucks of a given currency for each Certificate they hold in that currency, as shown on the Dividend card. If a Currency has any counters on the "8" space, Certificates for that Currency pay nothing. After making payouts, determine which Currency has the most Certificates currently in player hands: that Currency is Strengthened. If multiple Currencies qualify, the acting player chooses one Currency from among the tied Currencies. When the final Dividend is Resolved, there are no more player turns; instead, the remaining items in the Contract Queue are Resolved in order.
If either a Contract or a Loan is paid off, all associated Contract cards return to the Contract Display and can be used again.
Strengthening and Weakening, recap: Currencies are Strengthened each time they are Invested in, and when, after Resolving a Dividend, they have the most Certificates in player hands. Currencies are Weakened each time they are Divested in.
Game End
The game ends when one of the following occurs:
- Any player goes Bankrupt.
- There are no items left in the Contract Queue.
Determine which Currency is Strongest (the stronger half of the most Currency Pairs); if there is a tie, the tied Currency with the most Certificates in player hands is the Strongest; if a tie persists, the player who last took a turn decides which of those tied Currencies is Strongest. All players convert all monies to that Currency, rounding any fractions down. The player with the most money wins.