Ignoring the odds, Welsh could top old bread in Portugal (6)

I believe the answer is:

escudo

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'bread in portugal' is the definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.

'ignoring the odds welsh could top old' is the wordplay.
'ignoring the odds' indicates alternate letters (letters in odd-numbered positions are removed).
'top' suggests taking the first letters.
The initial letter of 'old' is 'o'.
'welsh'+'could'='welshcould'
The alternate letters of 'welshcould' are 'escud'.
'escud'+'o'='ESCUDO'

Can you help me to learn more?

(Other definitions for escudo that I've seen before include "Old bit of Lisbon" , "Former currency of Portugal" , "Smash in C Verde" , "Portugal's unit of money" , "money in past" .)

I've seen this clue in The Daily Mail.

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