There were differing streams of Protestantism which occurred during the 15th and 16th centuries (The Reformation in Europe). The two major ones were Lutheranism and Calvinism. Lutheranism (Germany) rejected transubstantiation and went with consubstantiation as mentioned already.
Calvinism rejected the viewpoints of both the Roman Catholic church and the Lutheran church on this point. Many Calvinists went to the stake because they would not agree that the Roman Catholic Mass was what the Bible taught about the body and blood of Jesus. They argued that Jesus Christ died once for the sins of His people and that to offer Him up as a fresh sacrifice each mass was against what the Bible taught. Rather they saw that the words of Jesus at the Last Supper indicate clearly that the eating of the bread and drinking the wine were instituted by Jesus so that believers would have a simple way to remember the sacrifice of their Lord. This was the way the inspired Apostle Paul said it: "and when He had given thanks, He broke it and said, "For I received from the Lord that which I also delivered to you: that the Lord Jesus on the same night in which He was betrayed took bread; and when He had given thanks, He broke it and said, “Take, eat; this is My body which is broken for you; do this in remembrance of Me.” In the same manner He also took the cup after supper, saying, “This cup is the new covenant in My blood. This do, as often as you drink it, in remembrance of Me.” I Corinthians 11:24
Today, most protestants, (like Presbyterians, Baptists and Dutch Reformed), would follow the latter view above. They take the bread and wine as a remembrance of the death of Jesus. HTH
