1.
Start with a new 400x400 image with a white background for this tutorial. Grab your text tool and make your text ( I used the "impact" font with a size of 500 and a RGB of 181,111,0 Note: feel free to use your own colors ). Once you have your text done go to Layer/Type/Render Layer to render your text. Name this layer base. Now Ctrl+Click on this layer to select it. Once you have done that create a new layer above that one by clicking on the create new layer tab . Name this new layer top. And switch to that layer by clicking it once. You know you are working in that layer when it turns blue in the layer menu.



 

2.
Now go to Select/Modify/Contract and set the value to 10. Choose a lighter color of the one you are using ( I changed my RGB to 252,196,43 ). Now using your paint bucket fill the selection.

3.
Now go to Filter/Blur/Guassian Blur and choose a setting of 5.

4.
OK, this next step is where we are going to give our text a nice beveled look so look at the settings carefully. Go to Layer/Effects/Bevel and Emboss and choose the settings that I have on the left here.
Highlight- Mode=Screen, Color is White, Opacity is 100%
Shadow- Mode=Multiply, Color is White, Opacity is 100%
Style- is set to Emboss
Angle is 120, with Use Global Angle "checked'
Depth is 15, with the radio box next to it set to Up
Blur is set to 2

Click O.K.

5.
If all the steps above were followed you should now have a picture like the one on the left here.

6.
Now to finish it off just give it a nice drop shadow to the base layer and tweak it out however you see fit to give it all the final touches.

7.
Here is one with another layer added and some noise added to the outer edges.

Tutorial Source