I'm Rank 13 with the New Monarchy on my Warlock right now, about to hit Rank 14; I need less than 300 rep with them to rank up.
Up to this point, I haven't received even [i]ONE[/i] Faction shader; I've seen plenty of other players recently rocking the [b]"Amalthea" [/b]shader from New Monarchy, and also a few with the [b]"Bittersteel"[/b] and one with the [b]"Revenant"[/b] shaders from Dead Orbit.
Wish me luck; I'm hoping to finally get my hands on Amalthea, and hopefully a Vanquiser VIII auto-rifle, too; I haven't gotten a primary weapon from New Monarchy, and that one looks the coolest for sure. I've been screwed all but 2 times when ranking up with this faction; hopefully this time I get what I want.
Of course, it would be a lot easier if Bungie would just let us BUY the faction shaders from Crucible Marks or Glimmer. They had that in the Alpha, but for some reason it's not in the final game; not to mention the drop rate for these shaders is extremely low.
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Well, I ranked up. Guess what I got? [spoiler]One Strange Coin and one piece of Ascendant Energy. F*** you, RNG.[/spoiler]