What does Middle English “cheping” mean?
Solution 1:
A cheaping is a place where goods are bought and sold. Market is a direct translation. The Middle English Dictionary has it under "chepinge":
2 (a) A market or market place (in a city)
And here's an example from the Wycliffe Bible, as listed under the entry:
(c1384) WBible(1) (Dc 369(2))Deeds 16.19 : The lordis..Poul and Silas ledden into cheping [L in forum] or dom place.
The root word is chep (from Old English cēap), a noun that has to do with buying or selling goods. That's where we get the adjective cheap with its meaning of a good bargain.