EXCHANGE, v.t.

1. In commerce, the act of giving one thing or commodity for another; barter; traffick 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. xlvii.
2. The act of giving up or resigning one thing or state for another, without contract.
3. The act of giving and receiving reciprocally; as, an exchange of thoughts; an exchange of civilities.
4. The contract by which one commodity is transferred to another for an equivalent commodity.
5. The thing given in return for something received; or the thing received in return for what is given. There's my exchange. Shak. In ordinary business, this is called change.
6. 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 owes D. in New York a like sum. A. in London draws 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.
7. In mercantile language, a bill drawn for money is called exchange, instead of a bill of exchange.
8. 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 purchaser is obliged to give more, exchange is above par.
9. In 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.
10. The place where the merchants, brokers and bankers of a city meet to transact business, at certain hours; often contracted into change.

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. Shak.
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?

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. 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.

3. To be changed or received in exchange for; to pass in exchange; as, dollar exchanges for ten dimes.
4. 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.
5. 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.

6. The thing given or received in return; esp., a publication exchanged for another.
   
   
   Shak.
7. 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.

8. 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.
   
   

   * 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.

9. 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.
10. 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.