In whom we have redemption through his blood, the forgiveness of sins, according to the riches of his grace.
Redemption basically means to save or deliver by payment of a price.
In the days of pawnshops, to rescue an item that you had pawned you had to pay a price. You had to redeem it or it was lost and gone from your possession. In the Old Testament buying freedom from slavery was called redemption, or a former owner buying back his land. Rescue by purchase sums up the meaning of redemption. In our text the Redeemer is the Lord Jesus Christ.