Open your image, duplicate it and increase its canvas size as to leave a border around. Use polygonal lasso tool (or whatever tool you feel comfortable with) and select the image area (people or object) you want to get highlighted.
With the selection activeted, add a mask and CTRL+I to invert the mask colours. Name the layer 'coloured picture'.
Create a hue/saturation adjustment layer and apply the following settings:
Make a copy of the original image, draqg it to the top and dessaturate it. Name it 'b/w picture'. With this layer activated, CTRL-click the coloured picture mask and add a mask to 'b/w picture' layer. Work on this mask (alternating between white and black brushes if needed) as to get a neat selection.
Create a photo filtre adjustment layer, clip it to the 'b/w picture' layer and apply the following settings:
Create a levels adjustment layer withou clipping it to any layer so that it affects all layers. Apply the following settings:
Create a new layer at the top and fill it with a light yellow:
Create another new layer and copy/paste the old paper texture (or place and rasterize), adjust its size, apply multiply blending and 50% opacity. Name it 'old-paper'.
Now create a new layer at the top, disable visibility of the 'old-paper' layer and the layer you filled with light yellow.
CTRL-Shift+Alt+E to merge all visible layers. After that, enable visibility again. Use the Grunge borders pack by vamp-kiss to delete the image border.
Depending on your image size, you may have to increase or decrease the brushes size.
Your image after having its borders deleted should look something like this:
Now apply the following layer style settings:
And these layer style setting too:
Create a new layer at the top and clip it to the layer below. Name it 'Stain'. Change the foreground color to #8b6f3d:
Use the Grunge Edge Pack by Midnightstouch to make the stain. Apply it to the left side.
Duplicate the 'Stain' layer, flip it horizontally and vertically and move ir to the right side.
Merge the two stain layers and apply linear burn blending and 40% opacity.
Fill a new layer at the top with lines7 from the SS-micro-pattern pack.
Apply linear burn blending and 15% opacity.
That's it. Hope you had found it easy to follow those steps. Enjoy and have fun!