From the presence of the wire bar on this drop shutter, it appears to be a Scovill Safety Shutter that has lost its brass spring that, when it goes under the wire bar at the end of the exposure, brakes dropping panel to a gradual stop.
Its release has a brass leaf spring (on the right in the photo below) to return it to its rest position.
The hole that makes the exposure is cut in a simple square shape, as is the one in the engraving, above.
Variation 1 is thought to be an earlier version, since the release spring of Variation 2 is shown in the engravings from 1888 and later.
Example found with LP744
Example found with LP1053
Starting about 1888, they were equipped with a pneumatic release (brass cylinder).
References:
How to Make Photographs and Descriptive Price List,
The Scovill Co. (New York, NY), distributed by
C.H. Codman & Co. (Boston, MA), April 1887, p.
90
Scovill Manf'g Co. Catalogue Photographic Goods, June, 1887, David
Tucker & Co. (Buffalo, NY), June, 1887, p.136
The American Annual of Photography and Photographic Times Almanac for
1888, C.W. Canfield, ed.; Scovill Mfg. Co. (New York, NY), copyright
1887, ads p. 64
How to Make Photographs and Descriptive Price List,
Scovill Mfg. Co. (New York, NY),
undated but about January 1888, p. 104
How to Make Photographs and Descriptive Price List,
Scovill Mfg. Co., distributed by C.H. Codman & Co.
(Boston, MA), September 1888,
p. 57
How to Make
Photographs and Descriptive Price List,
Scovill Mfg. Co. (New York, NY), November 1888, p. 57
Scovill's Photographic Series No. 26: "The Photographic Instructor",
The Scovill & Adams Co., New York, NY. ads p.23
How to Make Photographs and Descriptive Price List,
The Scovill & Adams Co.
(New York, NY), January 1889, p. 55
How to Make Photographs and Descriptive Price List,
The Scovill & Adams
Co. (New York, NY), January
1891, p. 66
How to Make Photographs and Descriptive Price List,
The Scovill & Adams
Co. (New York, NY), abt. June 1892, p. 96
Catalogue of Photographic Goods and All
Articles Pertaining to Photography, The Scovill & Adams Co. (New
York, NY), undated c.1895, p. 43