exchange

Definition of exchange

ex`change´   Pronunciation: ĕks`chānj´
n.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.
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.
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.
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
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.
v. t.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.
[imp. & p. p. Exchanged ; p. pr. & vb. n. Exchanging .]
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.
v. i.1.To be changed or received in exchange for; to pass in exchange; as, dollar exchanges for ten dimes.

Related Words

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