BEAT eggs and milk in shallow dish until blended. SOAK one 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 hot. PLACE two 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 with a paper towel. REPEAT to cook remaining bread.
SERVE with fruit if desired.
Chopped pecans can be substituted for the peanuts.
This recipe is an excellent source of protein, folate and choline, and a good source of vitamin A.