{But with precious blood} (alla timi(9369) haimati).
Instrumental case of haima after elutr(9374)h(8874)e (repeated from
verse  18 ). Peter here applies the old adjective 	imios (from
	im(885c), of Christ in  1Pe 2:7 ) to Christ as in  1:7 
polutimoteron to testing of faith. The blood of anyone is
"precious" (costly), far above gold or silver, but that of Jesus
immeasurably more so. {As of a lamb} (h(9373) amnou). This word
occurs in  Le 12:8  Nu 15:11  De 14:4  of the lamb prescribed for
the passover sacrifice ( Ex 12:5 ). John the Baptist applies it
to Jesus ( Joh 1:29,36 ). It occurs also in  Ac 8:32  quoted from
 Isa 53:7f . Undoubtedly both the Baptist and Peter have this
passage in mind. Elsewhere in the N.T. arnion is used of Christ
( Re 5:6,12 ). Jesus is the Paschal Lamb. Peter sees clearly that
it was by the blood of Christ that we are redeemed from sin.
{Without blemish} (am(936d)ou). Without (alpha privative) spot
(m(936d)os) as the paschal lamb had to be ( Le 22:21 ). So  Heb
9:14 . {Without spot} (aspilou). Without (alpha privative)
stain (spilos spot) as in  Jas 1:27  2Pe 3:14  1Pe 6:14 . {Even
the blood of Christ} (Christou). Genitive case with haimati,
but in unusual position for emphasis and clearness with the
participles following.