Open a new image, 400 x 400 pixels to give you plenty of room and fill with colour of choice (so you can see what you’re doing!). Set foreground and background to white, and with your text tool type in the letter “i” of the Paperclip font, which you can download here:
Set the size to the size you want (I had mine at 60). Object – Align – Center in Canvas, then Convert to Raster. Very carefully erase the faint line between the two arms of the clip (eraser brush set to 1 pixel), in the area circled with red.
Choose a preset shape or a dingbat font and draw or type the figure you want on top, with the foreground and background colours both set to white. Convert to raster and use the Move tool to place it into position. Close off your colour layer and merge visible, then you can turn your colour layer on again.
Selections – Select all – Float – Defloat. You can now apply a Super Blade Pro preset or an Eye Candee filter for a glass or metal effect, or a plastic effect, and also a slight inner bevel if necessary, and you’re done.