Expositor's Bible Commentary Commentary 1 Peter 2:7

"For you therefore that believe is the preciousness: but for such as disbelieve, The stone which the builders rejected, The same was made the head of the corner;" — 1 Peter 2:7 (ASV)

“Now to you who believe, this stone is precious” literally reads, “For you, therefore, who believe [is] the honor [GK 5507].” The honor for Christians is linked to their union with Christ. Since Christ is honored by God, so will all who participate in Christ. But for unbelievers, two other “stone” citations from the OT are strong warnings. The first is from Ps 118:22, where the builders rejected a building block that later turned out to be the final stone (the capstone) in the building (cf. Mark 12:10–12). In the same way, Jesus, who was rejected by human beings, has been exalted by God.

This cornerstone of Pilate, found at Caesarea, was reused elsewhere after he was rejected as governor.