What is fiat money?

Fiat currency is money that a government has declared to be legal tender, but is not backed by a physical commodity. For example, the US currency is “backed by the full faith and credit of the US government.” The US used to be based on the gold standard where you could exchange a dollar for a set amount of gold. The US officially ended the gold standard in 1933 but it wasn’t until 1971 that the US would no longer convert dollars to gold at a fixed rate.

Anything which is "fiat" including those cars is something for which there is supply but very little demand.  A "fiat currency" is what it is because someone you don't want to argue with, like Kim Jong Un, said so.

This is as opposed to the dollar, pound, euro, yuan, yen, etc which are currencies for which there is unquestionable demand.

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