I’m not a specialist in the Portuguese «Medalha da Vitória» but as far as I know the medals issued, official and non-official, were all in bronze. There were besides the manufacturer quoted – F. G. da Costa – two other, who produced medals with slight differences. On the last image at the link you quoted, the one on the left is, at it is correctly stated, a modern copy made by Butler, of Lisbon, although I do not know if it is marked as such.
The one on the far right – in silver (?) – is definitly not an original in the sense given to this expression by OMSA’s excellent Code of Ethics, so it is a fake, unless marked otherwise.
Please see Portuguese Phalereristic Academy website http://www.faleristica.org/.
J.V. de Braganza
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