This traditional effect can easily be re-created using metal textures, set to low opacities, and with the blend mode Lighter Color.
A vignette is important too, which implies a low-quality camera, and adds impact to the composition.
Experimenting with the Chalk and Dry Brush tips set to Soft Light blend mode allows for splotchy patches of dark and light areas to be randomly positioned.
The scratches and blemishes are made using the Brush and Eraser tools, with the Natural and Mix Media tips from within the Brushes palette. Using a small size tip, randomly paint thin strips on separate layers. These can then be bent and stretched with the Free Transform controls for a distorted pattern of scratches.
The black and white finish was made with a Gradient Map set to the Saturation blend mode. Blown-out highlights using the Levels adjustment is another trademark of the image.