Abstract: A system and method for receiving, distributing, and exchanging electronic discount coupons over a computer network such as the Internet. The system comprises a plurality of client computers, a coupon server, an honoring server and an issuing server. In one embodiment, the coupon server receives a plurality of electronic coupons for storage in a database. The coupon server transmits data indicative of a description of at least one electronic coupon to at least one client computer, and then receives a signal indicative of a selection of at least one electronic coupon. In response to the request, the coupon server performs an exchange of electronic coupons, wherein the exchange includes the receipt of data representing a new electronic coupon from one client computer in trade for a transmission of data representing the selected electronic coupon.