Redemption and Forgiveness are closely related but are not identical. Redemption is when something is lost and has to be purchased to take it home. My first fishing reel was a gift from my mother that she acquired from the Green Stamp Store. She collected Green Stamps from trips to the grocery store, then put them in a Green Stamp book and finally was able to redeem the stamps for merchandise in the store. The whole process worked kind of like the prizes at Peter Piper but on a larger scale.
Redemption is an important concept throughout the entire Bible. God claimed ownership of the nation of Israel when He brought them out of Egypt. Boaz gave us a great example of the kinsman who redeemed the property of his relative and married his widow, Ruth. A necessary component of redemption is the issue of money. There is always a price involved in redemption.
Slavery was common in the ancient world. Slaves had various levels of social status ranging from chattel to administrators. In the American South, it was rare for a slave to be released. While not common in the ancient world, it was not unheard of. The process of being released from slavery is called “manumission,” and it always required a price. The price of manumission was the term “lutron” (lutron). Jesus said that He came to serve, and to give His life as a “lutron” for many.
The act of paying the price of freedom is lutrosis (lutrosis), usually joined to the prefix “from” yielding apolutrosis (apolutrosis). This is the word translated “redemption” in Romans 8:23 and Ephesians 1:7.
Slaves were sold at the market, the agora (agora), like any other commodity. I Corinthians 6:10 says that you were bought (hgorasqete) as at the market. Galatians 3:13 says that we were purchased (exhgorasen) out of slavery like at a market.
So just what was the price on our heads? The blood of Jesus purchased our redemption. God takes sin so seriously that He assessed the highest possible price on the crime. Jesus is the only One who could have possibly paid the price. He was our only hope. So, in Christ we have redemption. If you put your trust in Him, that price can cover your sin as well.