Wherefore Paul saith here that Christ first began and not we. ‘He loved me, and gave Himself for me.’ As if he said, although He found in me no good will, or right understanding, this good Lord had mercy on me. He saw me to be nothing else but wicked, going astray, contemning God, and flying from Him more and more, carried away and led captive of the devil. Thus of His mere mercy… He loved me, and so loved me that He gave Himself for me, to the end that I might be freed from the law, sin, the devil and death.
Again, these words, ‘the Son of God loved me, and gave Himself for me,’ are mighty thunderings and lightnings from heaven against the righteousness of the law and all the works thereof. So great and horrible wickedness, error, darkness was in my will and understanding, that it was impossible for me to be ransomed by any other means than by such an inestimable price.
Let us consider well this price, and let us behold… the Son of God, …and we shall see Him, without all comparison, to exceed and excel for creatures.
…If thou couldst rightly consider this incomparable price, thou shouldst hold as accursed all other ceremonies, vows, works, and merits before grace and after, and throw them all down to hell. For it is a horrible blasphemy to imagine that there is any work whereby thou shouldst presume to pacify God, since thou seest that there is nothing which is able to pacify Him but this inestimable price, even the death and the blood of the Son of God, one drop whereof is more precious than the whole world.
Martin Luther on Galatians 2:20 in Commentary on Galatians (Kregel, 1979), 94-95.