C. H. Dodd contended that kipper or kopher in the OT and hilaskesthai in the LXX and in the NT meant expiation and the forgiveness of sins. Leon Morris argued that these words meant propitiation or an appeasing of God’s wrath. The overwhelming evidence is the meaning of propitiation of God’s wrath.
N. T. Wright has taken up the mantle of C. H. Dodd in his 2016 The Day The Revolution Began: Reconsidering the Meaning of Jesus Crucifixion. Throughout his book, Wright disparages the penal subsitutionary death of Christ and the doctrine of propitiation. For example, referring to kapporeth, Wright argues that “older interpretation suggested ‘covering.’ But recent research has challenged this, connecting the Hebrew word with the root kipper, meaning ‘cleanse’ or ‘purge.’…..”there is less, because this context, in and of itself, says nothing about punishment” (p. 328-329). Wright is correct when he writes that “the Hebrew word kapporeth was rendered in the Greek translations of Scripture as hilsasterion.” But then again following the argument of C. H. Dodd, Wright writes “So when Paul writes in Romans 3:25 God put Jesus forth as a hilasterion, he does not mean that God was punishing Jesus for the sins of Israel or the world” (pps. 328 and 330). Just a few other comments from Wright about Romans 3:21-26: “the ‘propitiation’ readings of 3:24-26 are straining” (p. 330). “Paul is not here saying, then, that God has punished former sins, whether of Israel or the Gentiles, certainly not that he has punished them in Jesus. There is no mention here of such a punishment then exhausting the divine wrath” (p. 331).