knowing that ye were redeemed, not with corruptible things, with silver or gold, from your vain manner of life handed down from your fathers;

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,

having known that, not with corruptible things--silver or gold--were ye redeemed from your foolish behaviour delivered by fathers,

knowing that ye have been redeemed, not by corruptible [things, as] silver or gold, from your vain conversation handed down from [your] fathers,