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]