1 Peter 1:18 states: "You know that you were ransomed... " (NRSV). This article offers an interpretation of the ransom image in 1 Peter within the economic context of the author and addressees, taking into consideration the relevant structure of economics (the geography and demography of the areas identified in the address of 1 Peter) and relevant performance of economics (production, distribution and consumption) in the area where the addressees of 1 Peter lived. After the problem statement and methodological clarification, the economic-historic context of the addressees is constructed, and the epistolographic characteristics of 1 Peter is defined. Then the ransom-imagery in 1 Peter is analysed and the referents of this ransom-imagery determined. Finally the ransom metaphor in 1 Peter is interpreted within the economic-historic context of its addressees.