Redemption (noun)

1. The action of buying back something that has been pledged as security.
2. The action of making up for past mistakes or wrongs by doing something better or more acceptable.

Origin:

Late middle english: from old french redemption, from latin redemptio(n-), from redimere 'buy back' (see redeem).

Examples:

1. The redemption of the hostages was a great relief to their families.
2. His redemption in the eyes of the public was a long and difficult process.
3. The redemption of the coupon allowed her to receive a discount on her purchase.
4. His redemption from a life of crime was a remarkable achievement.
5. Her redemption from addiction was a testament to her strength and determination.