In Isa 53:5, "peace" is a simplistic but allowable translation, especially in light of the NT allusions to this verse (more on this shortly).
The basic meaning of the word is "completeness, soundness, welfare, peace" and was (and still is) used as a friendly greeting in Hebrew and much else. The clear intention in Isa 53:5 is rather obviously, completlness in our relationship with God which includes the covenant relationship (see BDB below) thus has overtones of "reconciliation" in more modern terms.
This concept is used by Paul (as a Hebraism) in the NT such as:
- Eph 2:14 - For He Himself is our peace, having made both one and having broken down the barrier of the partition of hostility,
- Eph 2:15 - having annulled in His flesh the law of commandments in ordinances, so that He might create in Himself the two into one new man, making peace
- Col 1:20 - and by Him to reconcile all things to Himself, having made peace by the blood of His cross through Him, whether the things on the earth or the things in the heavens.
- Acts 10:36 - the word that He sent to the sons of Israel, proclaiming the gospel, peace by Jesus Christ--He is Lord of all.
See also CEV of Rom 5:10 - Even when we were God's enemies, he made peace with us, because his Son died for us. Yet something even greater than friendship is ours. Now that we are at peace with God, we will be saved by the life of his Son.
Note that in the Hebrew idiom (as used by Paul in the NT) Christ's act of atonement/sacrifice is understood as reconciliation or "making peace":
- between humanity and God (ie, the covenant relationship), Eph 2:14, see also Rom 5:10, Acts 10:36.
- between the old nature and the new nature (ie, "one man"), Eph 2:15
- between the things in heaven and earth and Himself (Col 1:22). See also Col 1:22
Some modern versions do not render שָׁלוֺם in Isa 53:5 as simply "peace" but attempt a more nuanced word/phrase such as:
- NASB: well-being
- ISV: made us whole
- JPS 1917: welfare
- NAB: makes us whole
- NET: made us well
- CEV: made us completely well
- GNT: made whole
On this basis, I believe it might be permitted to translate Isa 53:5 as something like:
But He was pierced for our offenses, He was crushed for our
wrongdoings; The punishment for our reconciliation was laid upon
Him, And by His wounds we are healed.
Many standard commentaries arrive at the same conclusion such as Barnes, Poole, Gill, Pulpit, etc.
APPENDIX BDB entry for שָׁלוֺם
noun masculine (Isaiah 54:13) completeness, soundness, welfare,
peace (LagBN 174); — ׳שׁ Genesis 29:6 +; שָׁלֹם (rare) Ezekiel 13:16
+; construct שְׁלוֺם Genesis 37:14 +; suffix שְׁלוֺמִי Psalm 41:10 +, etc.; plural (all dubious) שְׁלוֺמִים Jeremiah 13:19; Psalm 69:23;
suffix שְׁמָֹיו Psalm 55:21; —
completeness in number, הָגְלָת שְׁלוֺמִים Jeremiah 13:19 Judah is wholly carried captive (but read גָּלוּת שְׁלֵמָה, compare Amos
1:6; so ᵐ5 WeAmos SS Buhl).
safety, soundness, in body, אֵין שָׁלוֺם בַּעֲצָמַי Psalm 38:4; לְשָׁלוֺם Isaiah 38:17; שָׁלוֺם אָהֳלֶ֑ךָ (Ges§ 141c) Job 5:24 is
welfare, health, prosperity: ׳לשׁ ׳שָׁאַל לפ ask one about welfare Genesis 43:27 (J), Exodus 18:7 (E), Judges 18:15 7t., compare
2 Samuel 11:7 (3 t. in verse); pregnantly ירד לשׁלום 2 Kings 10:13
descend (to ask) about welfare of, compare 1 Samuel 17:18; Jeremiah
38:4; ׳הלד לשׁ Exodus 4:18 (E) + 5 t.; ׳עלה לשׁ Genesis 44:17 (J), 1
Samuel 25:35; ׳דבּר לשׁ Genesis 37:4 (JE); ׳שָׁלוֺם ל be well with
Genesis 29:6; Genesis 43:23,28 (J), Judges 6:23; Judges 19:20; 1
Samuel 20:7,21 10t., 2 Kings 4:26 (3 t. in verse); שָׁלוֺם בְּ Psalm
122:7; Psalm 122:8 may it be well in; absolute as object of אָמַר
well, be well, ׳שׁ Genesis 29:6 (J), 2 Samuel 18:28; 2 Kings
9:11,17,18,19,22; Jeremiah 6:14 (twice in verse) + 10 t.; הֲשָׁלוֺם
אֲבִיכֶם (Ges§ 141c) Genesis 43:27 (J); בּ(וֺ)אֶ֑ךָ ׳שׁ 1 Samuel 16:4
(see Dr), 1 Kings 2:13; ׳אֵין שׁ Jeremiah 6:14 3t.; לרשׁעים ׳אין שׁ
Isaiah 48:22; Isaiah 57:21; but ראה רשׁעים ׳שׁ Psalm 73:3; ׳רֹב שׁ
Psalm 37:11; Psalm 72:7; ׳פ ׳שׁאל שׁ Psalm 122:6; ׳דרשׁ שׁ ("" טוב)
Deuteronomy 23:7; Ezra 9:12; יוֺסִיפוּ לָךְ ׳שׁ Proverbs 3:2; ׳בַּשׁ
Job 15:21 in time of prosperity.
peace, quiet, tranquility, contentment, Isaiah 32:17 ("" וָבֶטַח הַשְׁקֵט); ׳שָׁכַב בשׁ Psalm 4:9 (to sleep); depart life
׳בְּשׁ in tranquillity Genesis 15:15 (RJE), 1 Kings 2:6 3t., יְבוֺא
Isaiah 57:2; ׳אַחֲרִית לְאִישׁ שׁ Psalm 37:37; ׳בא בשׁ Exodus 18:23
(E) come in contentment; ׳ארץ שׁ Jeremiah 12:5; ׳נְוֵה שׁ ("" מבטחים)
Isaiah 32:18, compare Jeremiah 25:37; מִמָּ֑חַד ׳שׁ Job 21:9;
ולשׁלומים לְמקֵשׁ Psalm 69:23 security, (let it) become a trap (but ᵐ5
Aq Symm Theod Jerome ׳וּלְשִׁלּוּמִים וּלְמ, Du (compare ᵑ7)
וּשְׁלָמִים peace-offerings, and שֻׁלְחָן va).
a. human relations: אֱנוֺשׁ שְׁמִֹי Jeremiah 20:10 man of my friendship, compare Jeremiah 38:22; Obadiah 7; Psalm 41:10; בין ׳עֲצַת
שׁ Zechariah 6:13; ׳יֹעֲצֵי שׁ Proverbs 12:20; (אֵת, עִם) ׳דבּר שׁ
Psalm 28:3; Psalm 35:20; Jeremiah 9:7; ׳בקּשׁ שׁ Psalm 34:15; ׳ידע שׁ
Isaiah 59:8; ׳דֶּרֶךְ שׁ Isaiah 59:8; שׁלּח ׳בשׁ Genesis 26:29 (J);
׳הלן בשׁ Genesis 26:31 (J), 1 Samuel 29:7 4t.; ׳שׁוב בשׁ 2 Samuel
15:27; "" צדקה in Messianic reign Psalm 72:3.
b. peace with God, especially in covenant relation: Isaiah 54:10 ברית covt. of my peace, compare Numbers 25:12 (P), Ezekiel 34:25;
Ezekiel 37:26, also Malachi 2:5; ׳שׁ ׳י as name of altar Judges 6:24;
׳י subject לְ ׳שׁם שׁ Numbers 6:26 (P); ׳בֵּרַךְ בשׁ Psalm 29:11; ׳חפץ
שׁ Psalm 35:27; לְ ׳עשׂה שׁ Jeremiah 33:9; ׳מֵאֵת אָסַף שׁ Jeremiah
16:5 ("" חסד); אֶל ׳דבּר שׁ Psalm 85:9; ׳נתן שׁ Haggai 2:9; ׳מחשׁבות
שׁ Jeremiah 29:11; man subject ׳ל ׳עשׂח שׁ Isaiah 27:5 (twice in
verse); ׳הלן בשׁ Malachi 2:6. In this sense "" אֶדֶק Psalm 85:11, ""
אְדָקָה Isaiah 54:13; Isaiah 60:17, "" שִׂמְחָה Isaiah 55:12, is like
a river Isaiah 48:18; Isaiah 66:12; עַליֿשׂראל׳שׁ Psalm 125:5; Psalm
128:6, ׳רָב לְאֹהֲבֵי דוֺרָדֶ֑ךָ שׁ Psalm 119:165; ׳מוּסַר שׁ Isaiah
53:5 chastisement for our peace (but SS Buhl שִׁלֻּמֵינוּ).
peace from war: (ל) ׳עשׂה שׁ make peace (with) Joshua 9:15; Job 25:2; בארץ ׳נתן שׁ Leviticus 26:6 (H); בין ׳ובין שׁ Judges 4:17; 1
Samuel 7:14; 1 Kings 5:26; ׳קרא (ל)שׁ Deuteronomy 20:10; Judges 21:13;
Micah 3:5; ׳שׁוב בשׁ Joshua 10:21 (E), Judges 8:9; Judges 11:31; ׳בא
בשׁ 2 Samuel 19:25; 2 Samuel 19:31 7t.; לְ ׳היה שׁ 1 Kings 5:4 3t.,
compare 2 Samuel 17:3 (see Dr); ׳בקּשׁ שׁ Ezekiel 7:25; ׳מלאכי שׁ
Isaiah 33:7; רָשֶׁקֶט ׳נתן שׁ 1 Chronicles 22:9; ׳מוֺצְאֵת שׁ Songs
8:10; (ו)אמת ׳שׁ Isaiah 39:8 = 2 Kings 20:19 3t., compare Zechariah
8:19; ׳עֵת שׁ Ecclesiastes 3:8; ׳בְּשׁ 1 Kings 2:5 in time of peace;
׳שַׂר שׁ Isaiah 9:5 (Messianic title), compare ׳זֶה שׁ Micah 5:4.
as adjective שְׁמָֹיו Psalm 55:21 those at peace with him (read ˜שֹׁלְמָיו Bae Buhl Du, or שְׁלֵטָיו SS; ᵐ5 apparently שִׁלּוּמָיו).