использование FreeType

imagettftext ($im, 20, 0, 10, 20, $w, "/test/fonts/128.ttf", "Testing");

<?php
// Тип содержимого
header('Content-Type: image/png');
 
// Создание изображения
$im = imagecreatetruecolor(400, 30);
 
// Создание цветов
$white = imagecolorallocate($im, 255, 255, 255);
$grey = imagecolorallocate($im, 128, 128, 128);
$black = imagecolorallocate($im, 0, 0, 0);
imagefilledrectangle($im, 0, 0, 399, 29, $white);
 
// Текст надписи
$text = 'Тест...';
// Замена пути к шрифту на пользовательский
$font = 'fonts/Cansellarist.ttf';
 
// Тень
imagettftext($im, 20, 0, 11, 21, $grey, $font, $text);
 
// Текст
imagettftext($im, 20, 0, 10, 20, $black, $font, $text);
 
imagepng($im);
imagedestroy($im);
?>

imagettftext ($im, 20, 0, 10, 20, $w, "/test/fonts/128.ttf", "Testing");

imagettftext ($im, 20, 0, 10, 20, $w, "test/fonts/128.ttf", "Testing");

imagettftext ($im, 20, 0, 10, 20, $w, 'test/fonts/128.ttf', 'Testing');

<?php 
$x = 400;
$y = 500;
$max_size = 50;
$hight_image = 450;
header ("Content-type: image/png");
$im = @imagecreate ($x, $y);
imagesetthickness($im, 40);
$background_color = imagecolorallocate ($im, 255, 242, 206);
$w = imagecolorallocate ($im, 255, 255, 255);
$red = imagecolorallocate ($im, 255, 0, 0);
$green = imagecolorallocate ($im, 17, 217, 36);
$value1 = 300;
$value2 =299;
if ($value1>$value2) {
$percent = ($value2/$value1);
$min_size = $y-round(($hight_image*$percent),0);
//$min_size = ($y-350)-$percent;
imageline ($im, 130, 460, 130, $max_size, $red);
imageline ($im, 190, 460, 190, $min_size, $w);
} 
if ($value2>$value1) {
$percent = ($value1/$value2);
$min_size = $y-round(($hight_image*$percent),0);
imageline ($im, 130, 460, 130, $min_size, $red);
imageline ($im, 190, 460, 190, $max_size, $w);
}
$font = 'test/pw.ttf';
imagettftext ($im, 20, 0, 10, 20, $w, $font, 'Testing');
imagesetthickness($im, 5);   
imageline ($im,80, 10, 80, 470, $green);
imageline ($im, 0, 460, 390, 460, $green);
imagepng ($im);
imagedestroy ($im);
?>

$font = 'test/pw.ttf';
if(!file_exists($font)) die('Файл не существует!');
if(!imagettftext ($im, 20, 0, 10, 20, $w, $font, 'Testing')) die('Не могу написать текст!');