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Knowledge of river gain from or loss to a hydraulically connected water table aquifer is crucial in issues of water rights and also when attempting to optimize conjunctive use of surface and ground waters. Typically in groundwater models this exchange flow is related to a difference in head between the river and some point in the aquifer, through a “coefficient.” This coefficient has been defined differently as well as the location for the head in the aquifer. This paper proposes a new coefficient, analytically derived, and a specific location for the point where the aquifer head is used in the difference. The dimensionless part of the coefficient is referred to as the SAFE (stream‐aquifer flow exchange) dimensionless conductance. The paper investigates the factors that influence the value of this new conductance. Among these factors are (1) the wetted perimeter of the cross‐section, (2) the degree of penetration of the cross‐section, and (3) the shape of the cross‐section. The study shows that these factors just listed are indeed ordered in their respective level of importance. In addition the study verifies that the analytical correct value of the coefficient is matched by finite difference simulation only if the grid system is sufficiently fine. Thus the use of the analytical value of the coefficient is an accurate and efficient alternative to ad hoc estimates for the coefficient typically used in finite difference and finite element methods.