First, create a new image 300x300 pixels size and write any black text on the white beckground:

Now rasterize our layer by clicking right mouse:

Holding CTRL click on the text to select it. Then use Gradient tool: foreground  - light grey; and background  - dark grey:

Then select Edit > Stroke and set parametres as shown below:

Now Select > Modify > Contract: 

Now change the color of our text as show on the image below:

Now again use Stroke:

Create a new layer Layer > New layer using Gradient tool one more time:

Now we have to use Gradient tool fill our selected object. Then with circle selection delete unnecessary part of our text and do Select > Inverse. And the last step - add Drop shadow :)