Investigating the nature of banknotes in terms of being a legal instrument or property and its jurisprudential implications

One of the important topics in the jurisprudence of economics, which has received attention from contemporary jurists, is the subjectology of money and banknotes. Examining the nature of banknotes as one of the important cash instruments in economic transactions has significant implications in jurisprudential rulings. The main question regarding the nature of banknotes is to understand whether they are considered a legal instrument or property. After clarifying the importance of the issue and highlighting the jurisprudential implications of each hypothesis, the historical development of banknotes is explained. By considering these developments and the stages that banknotes have gone through so far, the correct theory regarding their nature becomes evident. This article, which uses the analytical method to examine the perspectives on the document or property nature of money in four periods, scrutinizes the evidence for each theory from a precise jurisprudential perspective. The article concludes that in the first period, banknotes are considered a trust instrument, in the second period, a debt security, in the third period, a pledge agreement, and in the current period, property according to social norm.