Gold Nugget
Create a new 250 x188 @ 72 dpi graphic and type the letter 'O' in 225 point Arial Black.
Choose Filter>Distort>Ripple. It will ask you to rasterize the layer. Press OK. Apply the following settings: Amount-105%, Size-Medium. Now go to Filter>Blur>Gaussian Blur and set the Radius to 1.0.

You are now going to go through a series of steps where the changes are not going to be very obvious until the final step.

Go to Layer>Layer Style>Drop Shadow and use the following settings-- Blending Mode: Multiply, Opacity: 75%, Angle: 120, Distance: 5, Spread: 0, Size: 5, Noise:0.
Go to Layer>Layer Style>Inner Shadow and use the following settings-- Blend Mode: Exclusion, Color: #52321C, Opacity: 75%, Angle: 120, Distance: 5, Choke: 0, Size: 5, Noise: 0.
Go to Layer>Layer Style>Inner Glow and use the following settings -- Blend Mode: Multiply, Opacity: 50, Noise: 0, Color: #75450B, Technique: Softer, Source: Edge, Choke: 0, Size: 11, Range: 50, Jitter: 0.
Choose Layer>Layer Syle>Bevel and Emboss and use the following settings -- Style: Inner Bevel, Technique: Smooth, Depth: 190, Direction: Up, Size: 10, Soften: 0, Angle: 121, Altitude: 56, Highlight Mode: Color Dodge, Opacity: 68, Shadow Mode: Multiply, Opacity: 81. Click on the Texture submenu and choose the Cloud texture from the pattern menu (middle right hand side of default patterns).
Go to Layer>Layer Style>Satin and use the following settings -- Blend Mode: Multiply, Opacity: 50, Angle: 19, Distance: 11, Size: 14.
Choose Layer>Layer Syle>Color Overlay and use the following settings -- Blending Mode: Normal, Color: #EBCB58.