Beat eggs and milk in shallow dish until blended. Soak 1 bread slice at a time in egg mixture, turning once; dip each slice into peanuts to coat both sides. Coat large nonstick skillet with cooking spray; heat over medium heat until just hot. Place 2 bread slices in skillet. Cook over medium to medium-low heat until golden brown and no visible liquid egg remains, 2 to 3 minutes per side. Adjust heat as necessary so that peanuts do not burn. Clean skillet. Repeat to cook remaining bread. Sprinkle with powdered sugar; serve with spreadable fruit, fresh fruit or fruit syrup.
Recipe provided by the American Egg Board.