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 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.
Substitute: chopped pecans can be substituted for the peanuts.
Sprinkle with powdered sugar; serve with spreadable fruit, fresh fruit or fruit syrup.