Steam for 15 minutes, turn, and steam 15 more minutes until no juice comes out when pricked with a fork. (Steam over low heat, it has a tendency to boil over and that's a mess.) The membranes and cord may be cooked with the placenta. It is helpful to turn the placenta to "Schultz," i.e., wrapped inside the membrane when you cook it. It will shrink tremendously, and wrapped in the membranes makes it easy to deal with for the next step.
After steaming, slice the placenta in 1/8? strips, similar to making jerky. Slice as thin as possible.
Place the strips on a cookie sheet (over aluminum foil if you're squeamish) and place it in an oven on the lowest possible setting for several hours until completely brittle-dry. (Again like jerky) When you're baking the placenta, be careful not to get them too burnt. I think I didn't watch the heat on this placenta. It looks abit burnt.
Powder the strips in a coffee grinder.
Encapsulate.
