I like the look of beaded borders and I'm not sure how one is supposed to make them. However, what I did here was to cut four parallel lines with a graver spaced as you see the edges of the molding. With jeweler's files, I shaped the center convex area and deepen the engraved lines to form two ridges with a narrow (0.020") wide top. I then make perpendicular cuts in those ridges with the graver leaving a line of little squares. Then I clip the corners to make octagons.
I go back and punch each of the octagon with a small hammer and a beading punch large enough to cover the top of the octagon. Once the octagon is rounded up a bit, I go back over each one with a slightly smaller punch. This leaves a nicely formed bead. Easy to do on most mild steel, brass, silver, gold, etc.
If the beads are small enough you can just punch then without all the preparatory engraving to make octagons and then, as Jerry says, you can clean up any excess metal with a graver.