1. Create a new file. Create a new layer. Draw circle using Elliptical Marquee Tool and fill with the dark color. Deselect with Ctrl + D
2. Filter > Noise > Add Noise
(Amount: 7, Uniform, Monochromatic)
3. Filter > Artistic > Watercolor
(Brush Details: 14, Shadow Intensity: 0, Texture: 3)
4. Layer > Layer Style > Bevel and Emboss
(Inner bevel, Size: 16)
Check Contour. Change the element to Cone
Select Drop Shadow also.

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