It is as easy as it sounds, but it's an easy effect that looks good with the correct fonts. Playing around I found that script type fonts work the best for this.
To start, create a new image, I made mine 200x400 pixels (WxH). You can choose any background colour you like, I went for a nice light blue.
Next, create a new layer and then select the text tool. Insert your text into this layer.
Click on select > load selection and you will get a pop-up box, click on OK to continue, you do not need to change any of this information.
Right click on your text layer and click on rasterize layer, this will change it from being text into an actual image of text (you will not be able to edit your text after this)
Click on layer > layer style > blending options and go to the bevel and emboss submenu. The default will be on inner bevel, change this to outer bevel and then click on OK.
With your text, click on layer > load selection to load the outline of the original text and then create a new layer with the outline still selected. Click on select > modify > contract and select to contract by 1 pixel, click on OK.
Fill the selected area by using the keyboard shortcut SHIFT + Backspace or clicking on edit > fill. Use the same colour as you did for your original text (as this looks best). Do the same again but this time use the inner bevel option to give you the following result.
And there you have it, a nice little effect on text. I think it looks the sort of text you get on post cards.
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