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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