Create circle. And then copy on another layer. create selection of circle. Move down selection. Cut part of circle by selection. Go to first layer - original circle. Add inner bevel filter. Go to second layer. Do some experiments with opacity - to get nice overlay color Create text. Create inner bevel effect on text layer - to get shadow. Finally, create another copy of initial layer - with circle. Move layer to bottom. Remove inner bevel. Do drop shadow effect. I think it would work.
use the photoshop layer masks to add the shinny part. it appears the button is made of two layers of colour. one dark orange and one lighter