Source : Webster's Revised Unabridged Dictionary (1913)

Exchange \Ex*change"\, v. t. [imp. & p. p. {Exchanged}; p. pr. &
   vb. n. {Exchanging}.] [Cf.OF. eschangier, F. ['e]changer. See
   {Exchange}, n.]
   1. To part with give, or transfer to another in consideration
      of something received as an equivalent; -- usually
      followed by for before the thing received.

            Exchange his sheep for shells, or wool for a
            sparking pebble or a diamond.         --Locke.

   2. To part with for a substitute; to lay aside, quit, or
      resign (something being received in place of the thing
      parted with); as, to exchange a palace for cell.

            And death for life exchanged foolishly. --Spenser.

            To shift his being Is to exchange one misery with
            another.                              --Shak.

   3. To give and receive reciprocally, as things of the same
      kind; to barter; to swap; as, to exchange horses with a
      neighbor; to exchange houses or hats.

            Exchange forgiveness with me, noble Hamlet. --Shak.

   Syn: To barter; change; commute; interchange; bargain; truck;
        swap; traffic.