1. Create a new image 300x300 pixels with white background
2. Create a new layer, rename this layer as "wood".
3. Press D to have a black and white foreground and background.
4. Select the Elliptical Marquee Tool and draw a circle 240x240 pixels while holding SHIFT to get a perfect circle.
Save this selection as "wood selection".
5. Fill the circle with any color. I used black #000000
6. Select Filter > Render > Fiber and use the default options. Randomize until you get something like this:
7. Create a new layer and call it "brown"
8. Load selection "wood selection" and fill it with this brown color #7f6537. Set the Blending Mode of "brown" layer to Multiply.
9. Set the opacity of "wood" layer to 80%
10. Create a new layer, rename this layer as "lines"
11. Draw some lines of 3px width with brown color. I used #64502b
12. Load "wood selection", go to Select > Inverse and click del to delete the lines outside the circle.
13. Right click the "lines" layer and choose Blending Options, use these settings:
Inner Shadow:
Bevel and Emboss:
14. You get this:
15. Create a new layer and rename this layer as "border".
16. Select the Elliptical Marquee Tool and draw a circle 280x280 pixels while holding Shift to get a perfect circle. Position this circle around the first circle.
17. Fill the selection with grey color #b6b6bc
18. Load the "circle selection".
19. Press del to delete selection and you will get a border around the "wood" layer:
20. Select the "border" layer
21. Create a new layer and rename this layer as "old effects 1".
22. Use some rugged brushes to make old effects to the border of the shield.
23. Create some more layers: "old effects 2", "old effects 3", etc. with different opacity and different brushes with some grey colors to get an old metal effect.
24. Merge the old effects layers with "border" layer:
25. Right click the "border" layer and choose Blending Options, use these settings:
Drop Shadow:
Bevel and Emboss:
Texture:
26. When finished you will get something like this:
27. Create a new layer and rename this layer as "circles".
28. Draw a little circle and fill with a grey color #7f7e7a:
29. Right click the "circles" layer and choose Blending Options, use these settings:
Drop Shadow:
Bevel and Emboss:
30. Duplicate the circle until you get something like this:
31. Create a new layer and rename this layer as "metal circle".
32. Select the Elliptical Marquee Tool and draw a circle in the middle of the shield while holding SHIFT to get a perfect circle.
33. Fill selection with grey color #3a3936
34. Right click the "border" layer and choose Copy Layer Style.
35. Right click the "metal circle" layer and choose Paste Layer Style to take the same style of the metal border.
36. The final result is:
37. An alternate result is the wooden circle a little more curved.
To do this you have to merge these layers: "wood", "brown" and "lines"
38. Right click the merged layer and choose Blending Options, use these settings:
Bevel and Emboss:
39. This is the alternate result of a wooden polished shield:
More Tutorials: 
