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
History of chess a disadvantage, as the other player would have a long period to analyze before having to make a reply when the game was resumed. Preventing access to a chess set to work out moves during the adjournment would not stop him from analyzing the position in his head. Various strange ideas were attempted, but the eventual solution was the "sealed move". The final move before adjournment is not made on the board but instead is written on a piece of paper which the referee seals in an envelope and keeps safe. When the game is continued after adjournment, the referee