I have encountered this on previous beta but I was not sure of the cause until yesterday, and also , I do not remember which beta version it started.

I have been using classic skins since I started playing Minecraft, because of limits of the Character Creator. It's quite nice to be able to use capes when using Classic Skins, but the thing is, when using Classic Skins and applying a cape, the shield does not display during gameplay, especially on First Person POV.

Alongside that, during LAN Multiplayer, my shield appears to be on my head or through the torso (on other player's view).

Screenshot Notes: During the first few seconds, only a portion of the shield can be seen. The rest is a video of the display bug / error.