This is probably built within the font itself - like Northwell for example. But if you want to try to create it in a font that you are using, I would rasterize the type layer, then make a mask and use a brush in the mask layer that is of a texture that you like. Maybe a chalk like texture that you can try to emulate that erosion with. It is best it you have a tablet so that you can use the sensitivity and pressure so it looks more natural.
Thanks so much for your suggestions! I'll try that!
Glad to help!