Source : Webster's Revised Unabridged Dictionary (1913)

Exchangeable \Ex*change"a*ble\, a. [Cf.F. ['e]changeable.]
   1. Capable of being exchanged; fit or proper to be exchanged.

            The officers captured with Burgoyne were
            exchangeable within the powers of General Howe.
                                                  --Marshall.

   2. Available for making exchanges; ratable. ``An exchangeable
      value.'' --J. S. Mill.

Source : WordNet®

exchangeable
     adj 1: suitable to be exchanged [ant: {unexchangeable}]
     2: capable of being exchanged for or replaced by something of
        equal value; "convertible securities" [syn: {convertible}]
        [ant: {inconvertible}]
     3: capable of replacing or changing places with something else;
        "interchangeable parts" [syn: {interchangeable}, {similar},
         {standardized}, {standardised}]