Noah Webster's New International Dictionary of the English Language

1. (a.) Capable of being redeemed; subject to repurchase; held under conditions permitting redemption; as, a pledge securing the payment of money is redeemable.

2. (a.) Subject to an obligation of redemption; conditioned upon a promise of redemption; payable; due; as, bonds, promissory notes, etc. , redeemable in gold, or in current money, or four months after date.