Green’s Dictionary of Slang

(US) a counterfeit note.

1827		Commercial Advertiser (N.Y.) 14 May 2/2: He went to one of his neighbors, and asked him if he wanted to see a shedder. Witness shewed him the bill, and he replied, that if it was counterfeit his neighbor [...] had got one just like it.
1845		Nat. Police Gaz. (NY) 25 Oct. 78/2: Chas. Cheesbrough was committed for passing a $10 shedder in payment for a pair of pants.