exchange

EXCHANGE, v.t.

1. In commerce, to give one thing or commodity for another; to alienate or transfer the property of a thing and receive in compensation for it something of supposed equal value; to barter; and in vulgar language, to swap; to truck. It differs from sell, only in the kind of compensation. To sell is to alienate for money; to exchange is to alienate one commodity for another; as, to exchange horses; to exchange oxen for corn.

2. To lay aside, quit or resign one thing, state or condition, and take another in the place of it; as, to exchange a crown for a cowl; to exchange a throne for a cell or a hermitage; to exchange a life of ease for a life of toil.

3. To give and receive reciprocally; to give and receive in compensation the same thing.

Exchange forgiveness with me, noble Hamlet.

4. To give and receive the like thing; as to exchange thoughts; to exchange work; to exchange blows; to exchange prisoners.

It has with before the person receiving the thing given, and for before the equivalent. Will you exchange horses with me? Will you exchange your horse for mine?

EXCHANGE, n. In commerce, the act of giving one thing or commodity for another; barter; traffic by permutation, in which the thing received is supposed to be equivalent to the thing given.

Joseph gave them bread in exchange for horses. Gen 47.

1. The act of giving up or resigning one thing or state for another, without contract.

2. The act of giving and receiving reciprocally; as an exchange of thoughts; an exchange of civilities.

3. The contract by which one commodity is transferred to another for an equivalent commodity.

4. The thing given in return for something received; or the thing received in return for what is given.

There's my exchange.

In ordinary business, this is called change.

5. The form of exchanging one debt or credit for another; or the receiving or paying of money in one place, for an equal sum in another, by order, draft or bill of exchange. A in London is creditor to B in New York, and C in London owed 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.

Bills of exchange, drawn on persons in a foreign country, are called foreign bills of exchange; the like bills, drawn on persons in different parts or cities of the same country, are called inland bills of exchange.

A bill of exchange is a mercantile contract in which four persons are primarily concerned.

6. In mercantile language, a bill drawn for money is called exchange, instead of a bill of exchange.

7. The course of exchange, is the current price between two places, which is above or below par, or at par. Exchange is at par, when a bill in New York for the payment of one hundred pounds sterling in London, can be purchased for one hundred pounds. If it can be purchased for less, exchange is under par. If the purchases is obliged to give more, exchange is above par.

8. In law, a mutual grant of equal interest, the one in consideration of the other. Estates exchanged must be equal in quantity, as fee simple for fee simple.

9. The place where the merchants, brokers and bankers of a city meet to transact business, at certain hours; often contracted into change.

exchange

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