The Collaborative International Dictionary of English v.0.48:

exchange \ex*change"\ ([e^]ks*ch[=a]nj"), 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.
      [1913 Webster]

   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.
      [1913 Webster]

   3. The thing given or received in return; esp., a publication
      exchanged for another. --Shak.
      [1913 Webster]

   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.
      [1913 Webster]

   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.
         [1913 Webster]

   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.
      [1913 Webster]

   6. The place where the merchants, brokers, and bankers of a
      city meet at certain hours, to transact business; also,
      the institution which sets regulations and maintains the
      physical facilities of such a place; as, the New York
      Stock Exchange; a commodity exchange. In this sense the
      word was at one time often contracted to 'change
      [1913 Webster +PJC]

   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.
        [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

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.
      [1913 Webster]

            Exchange his sheep for shells, or wool for a
            sparking pebble or a diamond.         --Locke.
      [1913 Webster]

   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.
      [1913 Webster]

            And death for life exchanged foolishly. --Spenser.
      [1913 Webster]

            To shift his being
            Is to exchange one misery with another. --Shak.
      [1913 Webster]

   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.
      [1913 Webster]

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

   Syn: To barter; change; commute; interchange; bargain; truck;
        swap; traffic.
        [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Exchange \Ex*change"\, v. i.
   To be changed or received in exchange for; to pass in
   exchange; as, dollar exchanges for ten dimes.
   [1913 Webster]

WordNet (r) 3.0 (2006):

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 interchange of prisoners" [syn: exchange,
       interchange]
    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,
       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,
       exchange]
    8: reciprocal transfer of equivalent sums of money (especially
       the currencies of different countries); "he earns his living
       from the interchange of currency" [syn: exchange,
       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, exchange,
       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"
    v 1: give to, and receive from, one another; "Would you change
         places with me?"; "We have been exchanging letters for a
         year" [syn: exchange, 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, exchange,
       commute, convert]
    3: change over, change around, as to a new order or sequence
       [syn: switch over, switch, exchange]
    4: hand over one and receive another, approximately equivalent;
       "exchange prisoners"; "exchange employees between branches of
       the company"
    5: put in the place of another; switch seemingly equivalent
       items; "the con artist replaced the original with a fake
       Rembrandt"; "substitute regular milk with fat-free milk";
       "synonyms can be interchanged without a changing the
       context's meaning" [syn: substitute, replace,
       interchange, exchange]
    6: exchange a penalty for a less severe one [syn: commute,
       convert, exchange]

Moby Thesaurus II by Grady Ward, 1.0:

332 Moby Thesaurus words for "exchange":
   American Stock Exchange, Amex, ESP, Wall Street, abalienate,
   abalienation, agency, agent, alien, alienate, alienation,
   altercation, alternate, alternation, alternative, amortization,
   amortize, amortizement, analogy, answer, area code, argument,
   assign, assignation, assignment, backup, badinage, bandy, banter,
   bargain, bargain and sale, barter, bartering,
   battledore and shuttlecock, be quits with, bequeath, bequeathal,
   board, boomerang, bourse, brokerage, buy and sell,
   buying and selling, cede, cession, chaff, change, change for,
   changeling, colloquial discourse, colloquy, comeback, commerce,
   commodity exchange, communication, communion, commutation, commute,
   comparison, compensate, compound for, confer, conferment,
   conferral, congress, connection, consign, consignation,
   consignment, contact, conversation, converse, conversing, convey,
   conveyance, conveyancing, cooperate, cooperation, copy, corn pit,
   correspondence, counter, counterblast, counterblow, counterchange,
   counterfeit, counterstroke, cross fire, curb, curb exchange,
   curb market, deal, dealing, dealings, deed, deed over, deeding,
   delegation, deliver, deliverance, delivery, demise, deputation,
   deputy, deputyship, devolve upon, disagreement, discourse,
   displace, displacement, disposal, disposition, do business,
   doing business, double, dub in, dummy, enfeoff, enfeoffment, equal,
   equivalent, ersatz, exchange floor, fake, fill-in, fooling,
   fooling around, get back at, get even with, ghost, ghostwriter,
   give, give and take, give in exchange, give place to,
   give title to, give-and-take, giving, good-natured banter, hand,
   hand down, hand on, hand over, harmless teasing, horse trading,
   horse-trade, imitation, information, interaction, interchange,
   intercommunication, intercommunion, intercourse, interlocution,
   intermutation, interplay, jape, jest, jive, jobbing, joke, josh,
   kidding, kidding around, lease and release, lex talionis,
   linguistic intercourse, locum tenens, logroll, make do with,
   make over, make way for, makeshift, market, measure for measure,
   merchandising, message, metaphor, metonymy, mutual admiration,
   mutual support, mutual transfer, mutuality, negotiate,
   next best thing, offer in exchange, outside market,
   over-the-counter market, pass, pass on, pass over, pay back,
   permutation, permute, persiflage, personnel, phone book,
   phone number, phony, pinch hitter, pit, pleasantry,
   power of attorney, proxy, put up with, quarrel, quid pro quo,
   quotation board, raillery, rallying, rapping, reciprocality,
   reciprocate, reciprocation, reciprocity, recoil, redeem, relief,
   replace, replacement, reply, representation, representative,
   requite, reserves, respond, response, retailing, retaliate,
   retaliation, retort, return, return the compliment, ridicule,
   ring in, ringer, sale, second string, secondary, sell, settle,
   settle on, settlement, settling, shift with, sign, sign away,
   sign over, social intercourse, something for something, spares,
   speaking, speech, speech circuit, speech situation, sport,
   stand-in, stock exchange, stock market, stock ticker, sub,
   subrogation, substituent, substitute, substitution, succedaneum,
   supersedence, superseder, superseding, supersedure, supersession,
   supplantation, supplanter, supplanting, supplantment, surrender,
   surrogate, swap, swap horses, swapping, switch, symbol, synecdoche,
   take in exchange, talking, telepathy, telephone area,
   telephone directory, telephone exchange, telephone market,
   telephone number, the Big Board, the Exchange, the Street,
   third market, third string, ticker, ticker tape, tit for tat,
   token, touch, trade, trade in, trade off, trade sight unseen,
   trading, traffic, trafficking, transfer, transference,
   transmission, transmit, transmittal, transposal, transpose,
   transposition, truck, turn over, twit, two-way communication,
   understudy, unpleasantness, utility player, verbal intercourse,
   vesting, vicar, vicariousness, vice-president, vice-regent,
   wheat pit, wheeling and dealing, wholesaling



Bouvier's Law Dictionary, Revised 6th Ed (1856):

EXCHANGE, com. law. This word has several significations.
     2.-1. Exchange is a negotiation by which one person transfers to
another funds which he has in a certain place, either at a price agreed
upon, or which is fixed by commercial usage. This transfer is made by means
of an instrument which represents such funds, and is well known by the name
of a bill of exchange.
     3.-2. The price which is paid in order to obtain such transfer, is
also known among merchants by the name of exchange; as, exchange on England
is five per cent. See 4 Wash. C. C. R. 307. Exchange on foreign money is to
be calculated according to the usual rate at the time of trial. 5 S. & R.
48.
     4.-3. Barter, (q.v.) or the transfer of goods and chattels for other
goods and chattels, is also known by the name of exchange, though the term
barter is more commonly used.
     5.-4. The French writers on commercial law, denominate the profit
which arises from a maritime loan, exchange, when such profit is a
percentage on the money lent, considering it in the light of money lent in
one place to be returned in another, with a difference in amount in the sum
borrowed and that paid, arising from the difference of time and place. Hall
on Mar. Loans, 56, n.; and the articles Interest; Maritime; Premium.
     6.-5. By exchange is also meant, the place where merchants, captains
of vessels, exchange agents and brokers, assemble to transact their
business. Code de Comm. art. 71.
     7.-6. According to the Civil Code of Louisiana, art. 1758, exchange
imports a reciprocal contract, by which. the parties enter into mutual
agreement. 14 Pet. 133. Vide the articles. Bills of Exchange; Damages on
Bills of Exchange and Reexchange. Also Civ. Code of Lo. art. 2630.



Bouvier's Law Dictionary, Revised 6th Ed (1856):

EXCHANGE conveyancing. An exchange is a mutual grant of equal interests in
land, the one in consideration of the other. 2 Bl. Com. 323; Litt. s. 62;
Touchs. 289; Watk. Prin. Con. It is said that exchange, in the United
States, does not differ from bargain and sale. 2 Bouv. Inst. n. 2055.
     2. There are five circumstances necessary to an exchange. 1. That the
estates given be equal. 2. That the word escambium or exchange be used,
which cannot be supplied by any other word, or described by circumlocution.
3. That there be an execution by entry or claim in the life of the parties.
4. That if it be of things which lie in grant, it be by deed. 5. That if the
lands lie in several counties, it be by deed indented; or if the thing lie
in grant, though they be in one county. In practice this mode of
conveyancing is nearly obsolete. Vide Cruise, Dig. tit. 32 Perk. ch. 4 10
Vin. Ab. 125; Com. Dig. h.t.; Nels. Ab. h.t.; Co. Litt. 51; Hardin's R.
593 1 N. H. Rep. 65 3 Har. & John. 361; 1 Rolle's Ab. 813, 3 Wils. R. 489.
Vide Watk. Prin. Con. b. 2, c. 5; Horsman, 362 and 3 Wood, 243, for forms.