The escudo is the name of the national currency of several states, most of which are former Portuguese or Spanish colonies which have since changed currencies (Angola, Mozambique, Timor, Chile, Mexico etc). Other countries such as Colombia, Peru, and Ecuador also used the escudo after their independence, basing it on the Spanish escudo or derivative versions. Its name means shield and recalls that the first coins bore the representation of the heraldic shield of the sovereigns.