Here's a more formal tutorial with pictures for you. It's gonna take me a few days since I'm currently busy but I hope it helps. I'm gonna split it up into sections.
Part 1 - Designing the Shield
1. We're going to be copying the image you posted as close as we can. In order to do this, first copy and paste the image into Photoshop.
2. Next, enlarge the image to a decent size. It will get ugly and pixelated but that's ok.
Example :
http://www.imgjoe.com/x/enlarge.png
3. Now that we have it at a larger size, you're going to want to use rulers to locate all the corner and sides of the shield.
Example :
http://www.imgjoe.com/x/markings.png
(I've marked the important corners with black circles. You only need to focus on one side of the shield because we'll be duplicating and flipping it to form the entire thing.)
4. Once you have everything marked as I did in the above image, your going to select the Pen Tool.
5. Starting with the very top of the shield, select each corner with the pen tool in a clockwise manner. Once you get to the bottom and last corner, go straight back up to close the shape you formed with the pen tool. You should have something similar to the example below:
Example :
http://www.imgjoe.com/x/penmarks.png
6. Now you're going to want to add anchor points to where the curves are. To do this, using the pen tool, right click where each curve is and select "Add Anchor Point". You should end up with about 5 anchor points.
Example :
http://www.imgjoe.com/x/anchors.png
7. On each anchor point that you created in Step 6, you're going to want to hold CTRL while you drag it forming a curve. When you've made all you're curves you should have something similar to the example below:
Example :
http://www.imgjoe.com/x/curves.png
8. Right click your path you created with the pen tool, and select "Make Selection". Make sure you create a new layer before the next step.
9. On your new layer, you're going to use the Fill tool inside of your selection to form the half-shield shape. I used the color value #d5ad67 for mine.
Example :
http://www.imgjoe.com/x/halfshield.png
10. Duplicate the layer with your half-shield on it then go to Edit > Transform > Flip Horizontal. Align the layer with your other layer and then merge the two layers to form your shield, on one layer.
Example :
http://www.imgjoe.com/x/shield.png
11. Next we're going to create the dark brown border around the shield. You can easily do this by adding a stroke to the shield layer, but I dislike the stroke styles, so I'm going to take a different approach. Create a new layer beneath your shield layer and then proceed to the next step.
12. CTRL+Click your shield layer to create a selection. Go to Select > Modify > Expand and enter a value of 3 pixels. Fill your layer with a dark brown color. I used #896e3e.
Example :
http://www.imgjoe.com/x/border.png
13. Create a new layer on top of your first shield layer. You should now have 3 layers in total not including your background layer. CTRL+Click your shield layer again and go to Select > Modify > Contract and enter a value of 10 pixels. Fill this selection on your new layer with a dark red color. I used #830c0d.
Example :
http://www.imgjoe.com/x/red.png
14. Create another layer on top of your red layer. Do the same thing as you did in the previous step, but use the selection of the dark red layer and contract the selection by 8 pixels. Fill this selection on your new layer with a lighter red color. I used #ee1c23.
Example :
http://www.imgjoe.com/x/lightred.png
15. Now we're going to start with the shiny effects on the red layer. Create a new layer above your previously created layer so it's on top. CTRL+Click your light red layer to get it's selection and contract that select by 3 pixels.
16. Fill this selection on the new layer with white. With the selection still active, move the selection down by 3-5 pixels, and to the right by 3-5 pixels. Now press Delete.
Example :
http://www.imgjoe.com/x/whiteone.png
17. Do the exact same thing you did in step 15-16, but keep the full white layer without deleting any of it. Lower the opacity of this white layer to about 50%.
Example :
http://www.imgjoe.com/x/whiteop.png
18. Bring your blown up image of the crest to the top. Using the pen tool, trace around where our newly white layer is erased from this image. Use the anchor points as you did earlier in the tutorial to create the curves. You should get something similar to the example below:
Example :
http://www.imgjoe.com/x/pen2.png
19. Right click the path created with the pen tool and select "Make Selection". Make sure the selection is aligned as you want it and delete the selection from your large white layer. You should get something similar to the example below:
Example :
http://www.imgjoe.com/x/newwhite.png
20. Create a new layer above your light red layer. This layer should also be below your two white layers. CTRL+Click the light red layer and contract the select by 2-4 pixels.
21. Choose an orange color as your foreground color and select the gradient tool. Change the gradient to Foreground - Transparent, so the orange will blend in with the red once applied.
22. On your new layer use the gradient tool to create an Orange - Transparent gradient from the top left of your selection to the bottom right. You should get something similar to the example below:
Example :
http://www.imgjoe.com/x/orange.png
23. Now we're going to create the skull. Since this is just a beginner's tutorial I would advise to search the internet for a custom shape. I happen to have had one already but I'm not sure where I got it.
24. Once you have found your shape, create a new layer and apply the shape in full white color. Add a stroke of a dark red color with a small dark outer glow. When you've done this you should have something similar to the example below:
Example :
http://www.imgjoe.com/x/skull.png
25. The last thing to do in this part of the tutorial is add the lighting effects to the shield. Create a new layer above your light brown/shield layer. CTRL+Click the shield to form a selection.
26. Select the brush tool and choose a large soft brush. I used the 200px soft brush. Set your foreground color to white and apply a couple spots inside the selection on the edges of the shield. Modify the opacity to something a tad lower than 90% so it isn't too white. You should then have something similar to the example below:
Example :
http://www.imgjoe.com/x/lighting.png
27. That pretty much concludes this part of the tutorial. I hope it's helped you figure out some things you were wondering about and maybe even taught you some techniques. Just keep playing around with everything and you'll get much better in no time.
Here is my final result for this part of the tutorial: