Is there anyway to exchange weapons and armor between characters in Ultima IV. I don't think there is but maybe there is a cheat for this.

not directly no,
you have to unequip the weapon and/or armour by changing to another carried weapon/armour (or hands/no armour)
then equip them to the character you want to have them

thanks for the reply. Appreciated! So I see your weapons and armor supply are shared among all characters. Great
I still haven't discovered how to make a post as solved.

You had to check a box to be able to do that when you were creating the topic (it would have an yellow dot instead of green before the topic title, if it was set up right for that).