This book is red
The word "red" in this example is an adjective, right?
So, if we wanted to remove the word "red" and replace it with something denoting ownership we would use the possessive adjective, no?
However, the possessive adjective for the first person singular in English is "my"
This book is my
is obviously wrong (though I don't know why)
Instead, we say
This book is mine
"Mine" is the first person singular possessive pronoun. In essence, in this example, it stands for "my book", so we are saying "This book is my book".
While this is fine, why can't I use the previous phrasing to denote possession?
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