That may have been the Mho the Nibbler leve (as that is the only combat based faction leve that I've taken starting in Camp Skull Valley and the shield has dropped twice. I think from a treasure chest after defeating boss.

As screwed up as the pricing is op, you may need to buy a shield from an npc vendor (if they still have it) or buy an over leveled shield that's more affordable than the lower rank ones.