Part 1 - Creating the Metal Look

Start by creating a new document 500 x 500 pixels wide.

Create new layer - ( Menu -> Layer -> New )

Select rectangular marquee tool and use it to outline the shape of a square or rectangle

Change your foreground colour to shade of grey

Select your paint bucket fill tool and fill the square shape with the colour grey

Add noise (Filter -> Noise) and set the amount to 25%, the distribution to Gaussian and select monochromatic

Add Motion Blur (Filter -> Blur -> Motion Blur) Set the distance from anywhere between 50 and 300 with the latter being a more brushed metal look. Leave the angle at 0.

Add Lighting Effects - (Filter ->Render -> Lighting Effects) - This is open to experimentation and to changes depending on the type of light you wish to have with your current project. I have chosen the Default Style and the Light Type - Spotlight. I have directed the light source as coming from over the top right corner by dragging the light source directional point (visible in the preview window) over to the top right side of the image.
Properties were set:
Gloss: SHINY - 40
Material: METALIC - 85
Exposure: left at 0
Ambience: Positive - 20

This should give you a metal like effect that you could apply to any shape.

Part 2 - Creating the Metal Tag

Continuing on with the same square metal shape

Select your circular marquee tool and while on the metal look layer, select a circular shape that is almost as large as the entire area.

Invert your selection by going to Select -> Inverse and then DELETE. This should leave you with a circular metallic image.

Go to Select - Deselect

To Bevel the layer (please note that when making these adjustments you should be able to see them happening in the actual layer if your blending options window is not covering it)

Go to Layer -> Layer Style -> Blending Options -> Bevel & Emboss

Structure set up selections:
Style - Inner Bevel
Technique - Smooth
Depth - 300%
Direction - Up
Size - 10 px
Soften - 2 px
Angle - 120
Use Global Lighting selected
Altitude - 30
Highlight mode - Screen
Opacity - 75%
Shadow Mode - Multiply

You should now have a circular metal tag to do what you like with.

Cut a hole in the top.

Select your circular marquee tool and while on the metal tag layer, draw a small circular shape at the top of your tag that will become your circular cutout. Once this is done use DELETE to cut out the hole. Since this layer is already beveled, the beveling will naturally apply to the hole as well.

You should save a copy of your blank tag and each time you add new text you should rename.0

Tip: You can change the colour of your tag by playing with the Variations by going to
Image -> Adjustments -> Variations

To add text to the tag

Select your Text tool (this will automatically create a new layer) and type a word(s) that you want to appear across the tag. Use whatever font you want. I am using Garamond for the sample. You can continue typing in grey.

Emboss the Text

Filter - Stylize - Emboss
(You will be asked if you want to rasterize the type. It is always necessary to rasterize the type before applying any filter, so say OK to continue.)

Angle - 135
Height - 6 px
Amount - 250

This should do it!

Other alternatives to adding text would be to use a dingbat font and engrave/emboss an image onto the front of the tag as well.

Photoshop Tip:
Did you know that you can rename your layers to something you can remember better than the layer number. Instead of something being named Layer 3 it might be named metal tag so that you can easily find it. To change the name of the layer, click directly on the current name of the layer until it allows you the option to edit the name. Type in the new name.