Born at Morristown, Vermont. Graduate of Cornell (IA) College, in 1874. Married to Alice Crawshaw December 6, 1877. They had three children. Shaw was one of the founders of Denison Normal and Business College in 1893.

Shaw was a supporter of the gold standard. He supported McKinley against William Jennings Bryan in the presidential election of 1896. Shaw was elected Governor of Iowa serving 1898 to 1902. President Theodore Roosevelt appointed Shaw Secretary of the Treasury. He served February 1, 1902, to March 4, 1907. He campaigned to be a candidate for president in 1908 but ultimately gave his support to William Howard Taft. President of Mortgage Guarantee and Trust Company of Philadelphia 1909 to 1913. He died in Washington, D.C.

Shaw appears on a rectangular plaque (USM 206) with dies by Charles E. Barber. In 1902 The Numismatist reported that Shaw declined to pose for the medal.

bio: ApCAB; BDEB; DAB; EAB; Failor; NCAB 11, 23; TCBDA; WWWA-1