Source : Webster's Revised Unabridged Dictionary (1913)

Exchange \Ex*change"\, n. [OE. eschange, eschaunge, OF.
   eschange, fr. eschangier, F. ['e]changer, to exchange; pref.
   ex- out + F. changer. See {Change}, and cf. {Excamb}.]
   1. The act of giving or taking one thing in return for
      another which is regarded as an equivalent; as, an
      exchange of cattle for grain.

   2. The act of substituting one thing in the place of another;
      as, an exchange of grief for joy, or of a scepter for a
      sword, and the like; also, the act of giving and receiving
      reciprocally; as, an exchange of civilities or views.

   3. The thing given or received in return; esp., a publication
      exchanged for another. --Shak.

   4. (Com.) The process of setting accounts or debts between
      parties residing at a distance from each other, without
      the intervention of money, by exchanging orders or drafts,
      called bills of exchange. These may be drawn in one
      country and payable in another, in which case they are
      called foreign bills; or they may be drawn and made
      payable in the same country, in which case they are called
      inland bills. The term bill of exchange is often
      abbreviated into exchange; as, to buy or sell exchange.

   Note: A in London is creditor to B in New York, and C in
         London owes D in New York a like sum. A in London draws
         a bill of exchange on B in New York; C in London
         purchases the bill, by which A receives his debt due
         from B in New York. C transmits the bill to D in New
         York, who receives the amount from B.

   5. (Law) A mutual grant of equal interests, the one in
      consideration of the other. Estates exchanged must be
      equal in quantity, as fee simple for fee simple.
      --Blackstone.

   6. The place where the merchants, brokers, and bankers of a
      city meet at certain hours, to transact business. In this
      sense often contracted to 'Change.

   {Arbitration of exchange}. See under {Arbitration}.

   {Bill of exchange}. See under {Bill}.

   {Exchange broker}. See under {Broker}.

   {Par of exchange}, the established value of the coin or
      standard of value of one country when expressed in the
      coin or standard of another, as the value of the pound
      sterling in the currency of France or the United States.
      The par of exchange rarely varies, and serves as a measure
      for the rise and fall of exchange that is affected by the
      demand and supply. Exchange is at par when, for example, a
      bill in New York, for the payment of one hundred pounds
      sterling in London, can be purchased for the sum. Exchange
      is in favor of a place when it can be purchased there at
      or above par.

   {Telephone exchange}, a central office in which the wires of
      any two telephones or telephone stations may be connected
      to permit conversation.

   Syn: Barter; dealing; trade; traffic; interchange.

Exchange \Ex*change"\, v. i.
   To be changed or received in exchange for; to pass in
   exchange; as, dollar exchanges for ten dimes.

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.

Source : WordNet®

exchange
     n 1: chemical process in which one atom or ion or group changes
          places with another
     2: a mutual expression of views (especially an unpleasant one);
        "they had a bitter exchange"
     3: the act of changing one thing for another thing; "Adam was
        promised immortality in exchange for his disobedience";
        "there was an exchange of prisoners"
     4: the act of giving something in return for something
        received; "deductible losses on sales or exchanges of
        property are allowable"
     5: a workplace that serves as a telecommunications facility
        where lines from telephones can be connected together to
        permit communication [syn: {central}, {telephone exchange}]
     6: a workplace for buying and selling; open only to members
     7: (sports) an unbroken sequence of several successive strokes;
        "after a short rally Connors won the point" [syn: {rally}]
     8: reciprocal transfer of equivalent sums of money especially
        the currencies of different countries; "he earns his
        living from the interchange of currency" [syn: {interchange}]
     9: the act of putting one thing or person in the place of
        another: "he sent Smith in for Jones but the substitution
        came too late to help" [syn: {substitution}, {commutation}]
     10: (chess) gaining (or losing) a rook in return for a knight or
         bishop; "black lost the exchange"
     11: (chess) the capture by both players (usually on consecutive
         moves) of pieces of equal value; "the endgame began after
         the exchange of queens"

exchange
     v 1: give to, and receive from, one another; "Would you change
          places with me?"; "We have been exchanging letters for a
          year" [syn: {change}, {interchange}]
     2: exchange or replace with another, usually of the same kind
        or category; "Could you convert my dollars into pounds?";
        "He changed his name"; "convert centimeters into inches";
        "convert holdings into shares" [syn: {change}, {commute},
        {convert}]
     3: change over, change around, or switch over [syn: {switch
        over}, {switch}]
     4: hand over one and receive another, approximately equivalent;
        "exchange prisoners";  "exchange employees between
        branches of the company"
     5: exchange a penalty for a less severe one [syn: {commute}, {convert}]