Something that's exchangeable can be traded or replaced by something else, like an exchangeable pair of shoes, which you can take back to the store and swap for a different pair.

When you exchange something, you replace it with something else that is worth the same amount or has the same function, and if it's possible to do this, that thing is exchangeable. When you buy something that's marked "final sale, no returns or exchanges," your purchase is not exchangeable. And your beloved dog isn't exchangeable either — no other dog could ever replace her.

Definitions of exchangeable

adj suitable to be exchanged

commutable, substitutable
capable of being exchanged for another or for something else that is equivalent
of goods or commodities; freely exchangeable for or replaceable by another of like nature or kind in the satisfaction of an obligation
permutable, transposable
capable of changing sequence
suffered or done by one person as a substitute for another
not suitable to be exchanged
not interchangeable or able to substitute one for another
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adj capable of replacing or changing places with something else; permitting mutual substitution without loss of function or suitability

interchangeable, similar, standardised, standardized
capable of being replaced

adj capable of being exchanged for or replaced by something of equal value

cashable, redeemable
able to be converted into ready money or the equivalent
inconvertible, unconvertible, unexchangeable
used especially of currencies; incapable of being exchanged for or replaced by another currency of equal value
(of paper money) not convertible into coin at the pleasure of the holder
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