Create a new document 600 x 470 pixels with any background color, select the elliptical marquee tool and create 2 black circles like in the image below.
Select the polygonal lasso tool and join the two circles together.
Fill the shape in black then merge all three layer together. Add these layer styles to the shape.
Once you have added the styles you should have something like this.
Select the elliptical marquee tool and create two circles, big one at the bottom and a smaller one at the top. You don't have to create them both at the same time, once you have made the selection hit the delete key.
Create a new layer underneath the layer you've been working on, make sure its selected, with the ctrl key pressed on the keyboard click on the main zip layer to load the selection. Now go to "select > modify > expand" enter 4 pixels in the expand panel then press enter. Now fill your layer with black. Select the two circle openings with the magic wand tool and fill them with black also. You should have something like this.
Select your main zip layer and with the magic wand tool select the two holes, select the layer with the black shape on in which you just created then hit the delete key, this should make to fresh holes in the black shape. Add these layer styles to your black shape.
Add the word zipper to your zip using the vertical pen tool, and your image should now look like this.
Now we need to make the top bit of the zip, take a look at the image below and il begin to explain.
The shape we need to create is at the top of the zip. We start off with a rounded rectangle (1.) select the elliptical marquee tool and create a selection like in the image above (2.) Once you've made the selection hit the delete key then continue to do it on the other side (3.) You should be left with (4.). Now all's you need to do is chop the bottom off using the rectangular marquee tool, once you've done that position behind the zip and add these layer styles.
You should have something like this.
Select the rounded rectangle tool with a radius of 20pixels, create a shape rectangle from the top hole in the zip to the top half of the shape we created in the previous steps. Fill with any color.
Add these layer styles.
You should have something like this.
Select the elliptical marquee tool and create a circle like this.
Fill with the color black then add a layer mask, drag a linear gradient over the top half of the circle, this should create a nice shadow, do the same with the bottom hole in the zip only use a radial gradient instead of a linear gradient, you should have something like this.
On a new layer with the rectangular marquee tool create a shape like this.
Add this gradient overlay to it.
Now you going to need to duplicate this shape many times, as its the teeth of the zip, best way is to duplicate the shape flip it horizontally then move it so its facing each other but also move it up a few pixels so its staggered.
Underneath ALL your teeth layers just create a rectangle and fill it with the color #313131.
Next add big rounded rectangle behind the whole zip fill with the color #231e20, then add a pattern overlay using the settings below. (You will need the diagonal lines pattern file included in the PSD download).
Last but not least we need to make the zip stopper, to do this create a square at the bottom of the teeth and add these layer styles.
Your final finished image should look like this.
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