The word, "redeemed," appears only seven times in the New Testament, and oddly enough, it is translated as such from four different Greek words:
* λύτρωσις (lytrōsis), where the emphasis is on "a ransom" (Lk. 1:68).
* λυτρόω (lytroō), which focuses upon the "rescue" (Lk. 24:21; 1 Pet. 1:18).
* ἐξαγοράζω (exagorazō), addresses the change of ownership (Gal. 3:13).
* ἀγοράζω (agorazō), emphasizes the business transaction itself (Rev. 5:9; 14:3, 4).
I would like to comment on three of the verses, as they clarify what our redemption cost:
* Galatians 3:13 - "Christ hath redeemed us from the curse of the law, being made a curse for us: for it is written, Cursed is every one that hangeth on a tree."
* 1 Peter 1:18-19 - "Forasmuch as ye know that ye were not redeemed with corruptible things, as silver and gold, from your vain conversation received by tradition from your fathers; But with the precious blood of Christ, as of a lamb without blemish and without spot."
* Revelation 5:9 - "And they sung a new song, saying, Thou art worthy to take the book, and to open the seals thereof: for Thou wast slain, and hast redeemed us to God by thy blood out of every kindred, and tongue, and people, and nation."
Note: According to Leviticus, man's life is in his blood. "For the life of the flesh is in the blood: and I have given it to you upon the altar to make an atonement for your souls: for it is the blood that maketh an atonement for the soul" (Lev. 17:11). So, when the Bible speaks of Jesus shedding His blood for us, it is stating that He gave His life, not that He simply bled from His wounds!
As the Psalmist wrote, "Let the redeemed of the Lord say so!"