1. Changed for (or replaced by) something different
   "The exchanged goods were of higher quality"

1. Give to, and receive from, one another
   "We have been exchanging letters for a year";
   - change, interchange
    
2. Hand over one and receive another, approximately equivalent
   "exchange prisoners"; "exchange employees between branches of the company"
    
3. Put in the place of another; switch seemingly equivalent items
   "exchange regular milk for fat-free milk";
   - substitute, replace, interchange, sub [informal]
    
4. Exchange or replace with another, usually of the same kind or category
   "He exchanged his name";
   - change, commute, convert
    
5. Change over, change around, as to a new order or sequence
   "They exchanged positions in the lineup";
   - switch over, switch
    
6. Exchange a penalty for a less severe one
   "The judge exchanged the jail time for community service";
   - commute, convert

See also: changed

Type of: alter, change, modify, reassign, replace, reverse, transfer, turn

Encyclopedia: Exchanged