Ye were redeemed [ε λ υ τ ρ ω θ η τ ε]. The verb occurs only in two other passages, Luke 24:21; Titus 2:14. It carries the idea of a ransom - price (lutron, from luw, to loose).

With silver or gold [α ρ γ υ ρ ι ω η χ ρ υ σ ι ω]. Lit., with silver or gold money; the words meaning, respectively, a small coin of silver or of gold. Conversation. Rev., manner of life. See on ver. 15.

Received by tradition from your fathers [π α τ ρ ο π α ρ α δ ο τ ο υ]. A clumsy translation; improved by Rev., handed down from your fathers. The word is peculiar to Peter.

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Old Testament