Easton's Bible Dictionary

Peculiar - as used in the phrase "peculiar people" in 1 Pet. 2:9, is derived from the Lat. peculium, and denotes, as rendered in the Revised Version ("a people for God's own possession"), a special possession or property. The church is the "property" of God, his "purchased possession" (Eph. 1:14; R.V., "God's own possession").