What is Exchange?

The exchange has two meanings: (1) a trade of pieces of equal or similar value (e.g. a knight for a bishop); (2) "the Exchange" (capitalised) refers specifically to the difference in value between a rook (5 points) and a minor piece (3 points). To "win the Exchange" means to capture a rook for a bishop or knight; to "sacrifice the Exchange" means to give up a rook for a minor piece in return for positional compensation.