Peter remind his readers that the price for their deliverance was the precious blood of Christ. He says that they were ransomed by it. His readers would have been used to the notion of individuals being delivered by the payment of money; sometimes a great price was paid, depending on how important the individual was. From one point of view, we could say that the price paid for such was worth it because the ransomed person may have been a notable leader or soldier in the army. It was the worth of the ransomed person that indicated the value of the price.
But with Peter’s readers the situation was the other way round. The ransomed were of no value individually in the eyes of most, so what made the price great was the person who paid it. The person who paid it was Jesus and the price was his own substitutionary death. Peter asks his readers to recall that a significant person made a momentous sacrifice on behalf of worthless sinners.
The reference to blood reminds us that the price involved the death of Jesus. But his death was not a catastrophe, rather it was a voluntary sacrifice by which he paid the penalty that God’s justice required. The readers of Peter’s letter were urged to recall continually that Jesus had offered himself as the payment of the price that was needed to set them free. That is why they should regard it as precious blood – a price that was costly for him but also valued by them.
Those who benefited from the death of Jesus are never to forget that they were ransomed by what he did. In other words, they were slaves to sin, and the only way of release for them was by Jesus paying the penalty. Since he had paid the penalty, he would not allow anything to prevent them reaching the world of glory.