hmmm... Well, I'm not saying I disagree with you as I'm not an expert here and I greatly value your opinion. It's just Some things just seem really odd to me if you are correct. First off, there are many heritage auctions that have sold gold escudos from this era that are off balance looking like mine, some more so. So if these coins were only milled round, I'd think the majority of these are fake as well.
http://coins.ha.com/common/view_item...0&Lot_No=51160 http://coins.ha.com/common/view_item...0&Lot_No=51159 http://coins.ha.com/common/view_item...0&Lot_No=50946 http://coins.ha.com/common/view_item...8&Lot_No=50636 http://coins.ha.com/common/view_item...1&Lot_No=67471 http://coins.ha.com/common/view_item...1&Lot_No=74146
etc. I am not sure what heritage's policy on selling fakes is, but I would would find it scary if fakes were this prevalent on such a trusted auction house.
Also, the one posted has the correct dimensions and weight. I'm certain it's gold. These seem to carry very little premium over melt in low grades like mine, so its funny to me that they would counterfeit one in low grade like mine using real gold.
Lastly, I bought this from a reputable dealer that guarenteed it authentic. This wasn't from ebay or anything(i refuse to buy raw gold on the bay anymore).
All this said, you may very well be right about it being a fake. It's just weird to me.