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exchange

為替　—　Institutions

Exchanging one currency for another; also the rate of it.

George III Sovereign 1817 (The Metropolitan Museum of Art) George III Sovereign 1817 (The Metropolitan Museum of Art)1817 Kingdom of the Two Sicilies, Ferdinand II, Piastra (120 Grana), 1834 Kingdom of the Two Sicilies, Ferdinand II, Piastra (120 Grana), 18341834 2 euro (Portuguese national side) 2 euro (Portuguese national side)From 2002
A photograph of the real thing this term names.

In the age of metallic currency, foreign exchange was ultimately a comparison of "which silver is heavier". With the advent of fiat currency, there is no intrinsic content to compare, and credit itself has come to be priced.