Creating a shield with swords

Start by creating a new file. Create an ellipse using elliptical shape tool.

Select the ellipse path using direct selection tool. Select convert point tool and click on the bottom node of the ellipse.
Select add point tool and add two points as shown in the image below.
Select convert point tool and click on top node and new added points of the ellipse.

Enable subtract form shape area form the top bar.
Create two ellipses as shown.
Double click the layer to open layer style window. Apply layer style with the settings shown.

Duplicate the layer, scale down and remove the layer style.

Double click the layer to open layer style window. Apply layer style with the settings shown.
Duplicate the big shield layer. Remove the layer style. Using path selection tool select the shield path. Press Ctrl+C to copy and press Ctrl+V to paste the path. Press Ctrl+T to scale down the path.
Select both the paths and click exclude overlapping shape areas from the top bar.

Double click the layer to open layer style window. Apply layer style with the settings shown.
Create a circle for the bolt using elliptical shape tool. Apply the same layer style we applied in the previous step.
Duplicate the circle layer several times and place as shown in the image below.
Insert your text over the shield using an english old style font.
Apply same layer style.
Using pen tool create a shape for the sword handle. Apply same layer style.

 

Create a couple of rounded rectangles as shown. Apply same layer style.
Create a small vertical ellipse. Rotate it and place as shown.
Duplicate the ellipse layer several times and place below each other as shown.

 

Create some circles using elliptical shape tool. Place them as shown. Apply the same layer style.
Create a sword shape using pen tool. Apply the same layer style.
Select all the sword layers and press Ctrl+G to group. Duplicate the sword group and press Ctrl+T. Right click the layer and select flip horizontal.
Create a shield stand using basic shapes. Apply the same layer style as we used for shield layers.