Etymology
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exchange (n.)

late 14c., eschaunge, "act of reciprocal giving and receiving," from Anglo-French eschaunge, Old French eschange (Modern French échange), from Late Latin excambium, from excambiare, from Latin ex "out" (see ex-) + cambire "barter" (see change (v.)). The practice of merchants or lenders meeting at certain places to exchange bills of debt led to the meaning "building for mercantile business" (1580s).

exchange (v.)

late 15c. (Caxton), in commerce, "to part with in return for some equivalent, transfer for a recompense, barter," from Old French eschangier "exchange, barter" (Modern French échanger), from Vulgar Latin *excambiare (source of Italian scambiare); see exchange (n.). Non-commercial sense of "to give and receive reciprocally" is from c. 1600. Related: Exchanged; exchanging.

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Definitions of exchange
1
exchange (n.)
chemical process in which one atom or ion or group changes places with another;
exchange (n.)
a mutual expression of views (especially an unpleasant one);
they had a bitter exchange
exchange (n.)
the act of changing one thing for another thing;
Adam was promised immortality in exchange for his disobedience
Synonyms: interchange
exchange (n.)
the act of giving something in return for something received;
deductible losses on sales or exchanges of property are allowable
exchange (n.)
a workplace that serves as a telecommunications facility where lines from telephones can be connected together to permit communication;
Synonyms: central / telephone exchange
exchange (n.)
a workplace for buying and selling; open only to members;
exchange (n.)
(sports) an unbroken sequence of several successive strokes;
Synonyms: rally
exchange (n.)
reciprocal transfer of equivalent sums of money (especially the currencies of different countries);
Synonyms: interchange
exchange (n.)
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";
exchange (n.)
(chess) gaining (or losing) a rook in return for a knight or bishop;
black lost the exchange
exchange (n.)
(chess) the capture by both players (usually on consecutive moves) of pieces of equal value;
the endgame began after the exchange of queens
2
exchange (v.)
change over, change around, as to a new order or sequence;
Synonyms: switch over / switch
exchange (v.)
hand over one and receive another, approximately equivalent;
exchange prisoners
exchange employees between branches of the company
exchange (v.)
put in the place of another; switch seemingly equivalent items;
exchange (v.)
exchange a penalty for a less severe one;
Synonyms: commute / convert
exchange (v.)
exchange or replace with another, usually of the same kind or category;
Synonyms: change / commute / convert
exchange (v.)
give to, and receive from, one another;
Synonyms: change / interchange
From wordnet.princeton.edu