The exchange (chess) The exchange (chess) The exchange in chess refers to a situation in which one player loses a minor piece (i.e. a bishop or knight) but captures the opponent's rook. The side which wins the rook is said to have "won the exchange", while the other player has "lost the exchange", since the rook is usually more valuable. Alternatively, the side that has won the rook is "up the exchange", and the other player is "down the exchange". The opposing captures often happen on consecutive moves, although this is not strictly necessary. It is generally detrimental to lose the exchange, although
Fairy chess piece "pao" and "vao" (derived from the Chinese cannon) and the "mao" (derived from the horse). Those derived from the cannon are distinguished by moving as a hopper when capturing, but otherwise moving as a rider. Pieces from xiangqi are usually circular disks, labeled or engraved with a Chinese character identifying the piece. Pieces from shogi (Japanese chess) are usually wedge-shaped chips, with kanji characters identifying the piece. Fairy pieces vary in the way they move, but some may also have other special characteristics or powers. The joker (in one of its definitions) mimics the last move made by the opponent.