Photoshop CS
+ Adobe Photoshop CS Classroom in a Book
+ TabascoJRC's ASM mockup template as an example
+ hours of trial and error....
I'll try the best I can to break it down by layers, from top to bottom:
Layer 1: Mold
-Grayscale of the mold part of the chip that is applied to create the impression of the mold on the body of the chip
-I cut the inlay out of this layer, so that I could create a separate inlay layer to facilitate adding custom inlays to mockups without changing the mold layer
-Attributes: Mode - Overlay; Blend if: Gray
Layer 2: Inlays
-This is applied next
-This is a layer set, including one blank inlay (fills the inlay area with body color), and one King's Crown inlay with no denomination
-New, custom inlays can be added to test your designs against the chip bodies
Layer 3: Edge Spots (1)
-These are the top-right and bottom-left
-Basically, I just created a layer set full of fill colors called 'Colors' and left it at the bottom while I worked
-Then, I copied the 'Colors' layer set, and created a layer mask (clipping the area iin which the fill will be applied) by selecting the appropriate edge spots from an(other) image of dual edge spot TR King chip
-After the edge spots are selected, you can save the selection (from the other image), select the layer set as the working layer, in the Layer menu, select Masks, and select Reveal Selection
Layer 4: Edge Spots (2)
-These are the edge spots on the top-left and bottom-right
-Repeat as above, but select the OTHER edge spots
Layer 5: Edge Spots (3)
-These are the edge spots on the left-top and right-bottom
Layer 6: Edge Spots (4)
-These are the edge spots on the left-bottom and right-top
Layer 7: Background
-Fill colors for the background
After all this was said and done, I was having trouble restricting the colors in the edge spots to the chip body. When the edge spot masks were created, they extended a few pixels past the edge of the chip body, so I added, on TOP of layer 1, a white layer, with a mask restricting it to areas outside the chip (effectively recreating a white background and covering up the edge spot colors that bled outside the chip body).
Once I applied the mask above layer 1, I didn't need the background anymore, so that layer set went in the trash.
Then it was done.
That's the best explaination I can give you, since, prior to this, I used Photoshop exclusively for removing red-eye from digital photos and burning/dodging some rayographs I did in photography class.
Hope it helps... if not, I'm very sorry

ops:
-Zak
PS - If I can find the file, I'll clean it up as best I can and post it here, but don't hold your breath.