What is the difference between an Exchange Order and JR pass?

Exchange Order (Physical or Electronic):

1. This document is required to redeem your actual JR pass. You will receive a physical Exchange Order at pick up counters in local airports or by delivery. You may select your collection option at Checkout.

2. You must receive this Exchange Order before departing to Japan. Check these samples of a Physical Exchange Order and an Electronic Exchange Order (eMCO)

JR Pass:

This is the actual pass you will use to board covered transportation systems in Japan. You must redeem your JR Pass at any JR Pass office in Japan with your Exchange Order and passport.