In large bowl, whisk together flour, chopped peanuts and salt until well blended.
In second large bowl, beat together butter and peanut butter on medium speed for 1 minute or until smooth. On low speed, beat in 1 cup confectioners sugar; then beat on medium-high speed for 2 minutes or until smooth and fluffy. Add eggs and vanilla; beat on medium-high until combined. On low speed, beat in flour mixture just until combined.
Form dough into a thick disk. Wrap tightly in plastic wrap; refrigerate for 2 to 3 hours.
Heat oven to 350 degrees F. Coat 2 baking sheets with nonstick cooking spray.
Working with about a quarter of dough at a time, roll out on well-floured surface to 3/16-inch thickness. Using 2-1/2-inch fluted cutter, cut out cookies and place on prepared baking sheets. Repeat with remaining dough. Reroll scraps to make a total of 48 cookies.
Using a 3/4-inch fluted cutter, cut out and remove centers from half of cookies. Discard scraps or make additional cookies, if desired.
Bake cookies in 350 degree F oven 12 to 13 minutes or until they just begin to turn golden around edges. Remove cookies to wire rack; let cool.
In small saucepan, over medium heat, melt currant jelly until smooth, stirring constantly. Let cool slightly, about 10 minutes.
Dust tops of cutout cookies with remaining confectioners sugar. Spread about 1 teaspoon of the cooled jelly on the cookies without the cutouts. Sandwich the cutout cookies with the cookies spread with the jelly. Let stand until the cookies are set, about 30 minutes. Makes 2 dozen sandwich cookies.