Photoshop - Burnt Paper Edges - 2
6. Now switch to the Burn Tool and with Shadows selected in the Range and an Exposure of 50%, choose a large, rough brush (we've used the 59 px "Spatter" brush from the standard default brushes), paint on the paper to give some variety.
7. Still with the Burn tool, change the Range to Highlights, an Exposure of 20% and exchange the brush for a 21 pixel soft edge brush, "paint" around the ragged edges of the paper, not forgetting around the holes.
The rollover to the right shows these last two stages.