1. New Document/Background

First create a new document in which you can make your text. I used a document size of 400 x 140 pixels.
Now make a background that will suit the text. I used this wood texture for my background.

2. Writing Out Your Text, Layer Styles

Now write out your text with an olden-style sort of font. I used: Times New Roman, Bold, 42pt, #885f18.

There, that’s your golden text! I’m just joking Right-click your text layer in the layer’s palette, use the following layer styles and options:

1. Drop Shadow
2. Inner Shadow
3. Inner Glow
4. Bevel and Emboss
5. Gradient Overlay
6. Pattern Overlay (Pattern: .pat – .jpg)

Wow, that was a few layer styles! But, you should now have a cool result like this:

Looking alright so far, but I like to add a few nice effects to it to finish it off.
3. Finishing Touches

To finish these kind of things off, I very often flatten the image, apply Filter > Sharpen > Sharpen, fade the sharpen a bit (Edit > Fade) then apply Filter > Render > Lighting Effects. I love it!

Via: Make Wooden Text