Exchange assays have been validated to study several forms of the progesterone receptor found to occur in nuclei of rat placenta after extraction with high salt. One form was solubilized by the extraction procedure (KCl extractable Rpn) and another form remained attached to nuclear structures (KCl resistant Rpn). Specific binding of progesterone was optimized in both forms using buffered media containing 0.01 M Tris, 30%-glycerol (v/v), 0.2 mM leupeptin, and 1 mM dithiothreitol (TDGL), pH 7.8, at 0-4 degrees C for 18-24 h. At 0-4 degrees C the nuclear receptors were stable and degradation was negligible even after 44 h of in vitro incubation. The binding reaction between progesterone and receptor demonstrated mass action principles of ligand exchange throughout this interval. Saturation analysis indicated the presence of a single binding moiety of high affinity (app Kd = 2.9-3.2 nM) for both forms of the receptor. However, the nuclear progesterone receptor was thermolabile and after a 10 min exposure to 30 degrees C no longer complexed ligand. At an intermediate incubation temperature of 22 degrees C the binding reaction was stable for about 30 min. The KCl resistant binding sites were markedly more thermolabile. Addition of 10 mM Na molybdate protected all forms of the nuclear progesterone receptor from thermal denaturation and extended the life of the complex 3-4-fold. The dissociation rate constant of progesterone-nuclear receptor complex in each preparation was 6-8 X 10(5) s-1 resulting in a half-life of about 3 h. The KCl resistant and extractable binding sites were sensitive to blockade by 1 mM N-ethylmaleimide which was reversed by co-incubation with a 2-fold molar excess of dithiothreitol. This suggested that reduced sulfhydryl groups located on or near the surface of the ligand binding domain of the receptor were necessary to bind hormone. These studies showed that the interactions between ligand and the KCl resistant and extractable receptor sites found in rat placenta were of high affinity, saturable, and heat sensitive. Thus, these binding moieties exhibited physicochemical behavior very similar to each other and to the placental receptor which has previously been partially purified from the cytosol. The conclusion is made that all of the nuclear receptor binding sites for progesterone are structurally identical. Thus, the distinctive physicochemical properties responsible for KCl resistant and extractable forms of the nuclear progesterone receptor must reside in other domains of the receptor molecule.