The “New Club” shell has an interesting story because, when introduced late in 1891, it was actually adapted for smokeless powders like American Wood, E. C., Schultze and S. S., as well as black powder. Early in 1892, it was advertised as loaded with S. S. smokeless powder only, and a few months later it was also offered loaded with E. C. and Schultze smokeless powders.
Then, in mid-1892 the “Smokeless” shell was announced as adapted to American Wood, E. C., Schultze and S. S. smokeless powder only. Its introduction evidently modified the powder type intended for the “New Club” shell, because by 1894 it was described as “designed for use with black powders” and offered loaded with black powder only. It seems that the shotshell line was revised around this date, because some shells like the “Smokeless” are described as “reinforced after June 1st, 1894”, for example.
Considering that when introduced it was loaded with S. S. powder only, I am of the same opinion as Pete. If this is correct, the reason of the scarcity of this headstamp may have been caused by the sudden introduction of the “Smokeless” shell just a few months later.