I want to know, how to do this effect in photoshop

I'm not sure exactly how that was done but I suspect it may be along the same lines as making an engraved effect but using a sun burst rather than wavey lines.
Also, there are a lot of plug-ins for Ps that may have been used to create it.

I have used one called Engraver III that has a lot of presets that can combine images with graphic shapes.

I found a tut for making an engraved (bank note) effect and although it's way off what you're wanting, it may use some of the same techniques?
 
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