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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]