Baleshed was established on land which had been granted to Stephen Duncan in 1833. The town was named for a shed located there where bales of cotton were stored prior to shipping.[2]
Baleshed had a post office, and a population of 24 in 1900.[3] The post office operated under the name Baleshed from 1888 to 1917.[4]
In 2000, an extant stone vault used to store money remained there.[5]