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You can "swap" books by temporarily de-registering and re-registering Kindles between accounts just long enough to have a properly DRM-encoded copy sent to the relevant device.
I understand this is how Kindle books are frequently shared in family situations where the adults may want to keep their own orders billed/paid for separately, and perhaps have another separate account with only material considered suitable for the children, but still allow each member access to the household's pooled purchases but not their personal archives and 1-click buying capability.
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