To exchange a card is to return it to its pile (Supply or otherwise) and put another card in the discard pile in its place. The card returned is not considered trashed, and the card received is not considered gained. Most cards that exchange themselves are in the two Traveller sequences in Adventures: chains of cards of increasing cost and power, where each one may be exchanged for the next stronger one when discarded from play (though the top two cards in these chains, Champion and Teacher, are not Travellers themselves). Aside from Travellers, Changeling (from Nocturne) can be exchanged into when gaining another card, and Vampire and Bat (also from Nocturne) exchange into each other.
 Official Rules
- When a player discards a Traveller from play, he may exchange it for the card indicated; he returns the card being exchanged to its pile, takes the card he is exchanging it for, and puts that card into his discard pile.
- For example when exchanging Peasant for Soldier, he puts Peasant back into its pile and takes a Soldier and puts it into his discard pile.
- Exchanging is not trashing or gaining, and so does not trigger abilities like Travelling Fair's.
- It is optional.
- It only happens when the card is discarded from play; discarding it from hand, such as due to not playing it, will not trigger it.
- It only happens if the card being exchanged for has any copies available; if there are no Soldiers in the pile, Peasant cannot be exchanged at that time.
- If multiple cards do something when discarded from play, the player picks the order; for example, with no Soldiers left in the pile, a player with Peasant and Soldier in play could first exchange Soldier for Fugitive, then exchange Peasant for that Soldier.
- Nocturne: Nocturne has three cards that tell a player to "exchange" a card for another card. The card being exchanged is returned to its Supply pile, or non-Supply pile, and the card being exchanged for is taken and put into the player's discard pile. This does not count as gaining a card. The exchange only happens if both cards can be exchanged; if the pile is empty, the cards are not exchanged.
 Other rules clarifications
- Exchanging must happen both ways; there must be somewhere for the discarding card to return to. If a Traveller is bought using Black Market, there is no pile to return it to and therefore it cannot be exchanged.
- However, if Estate (via Inheritance) or Band of Misfits is imitating the abilities of a Traveller, it can be exchanged by being returned to its own pile.
- Unlike gaining, exchanging can happen with a non-Supply pile.