What is this “redemption?” When I was young my mother would collect “Green Stamps,” which were given as a bonus at most grocery stores. She would put them in a book and when she had collected enough, she would take her filled books to the Green Stamp store and “redeem” them for some desired item, usually something for the house, like silverware or a lamp. The doctrine of redemption has a similar meaning. The Greek word translated “redemption,” literally means to “buy back,” or to “buy out from.” Christ has bought us out from slavery to sin with His own blood. Redemption emphasizes that Christ has purchased us “out from” sin’s bondage and curse, which is death.
Yet, not only have we been redeemed “in Him, we have been forgiven “in Him.” This “forgiveness of sins” was accomplished by Christ’s sacrifice, which not only satisfied God’s justice, it reconciled us to God as our Father. This is the doctrine of propitiation.
So, “in Him” we have redemption, which buys us “out from” sin. And “in Him” we have forgiveness, which brings us “into” right relationship with God. All of this is accomplished “according to the riches of His grace.”