Peter says believers were redeemed not with silver or gold, but with what?

Answer: The precious blood of Christ

You were redeemed not with perishable silver or gold, but with the precious blood of Christ, a lamb without blemish or spot.

“For you know that it was not with perishable things such as silver or gold that you were redeemed from the empty way of life you inherited from your forefathers, but with the precious blood of Christ, a lamb without blemish or spot.”— 1 Peter 1:18-19 (BSB)