How to Make It
Preheat oven to 325°F. Trim crusts from bread. Set aside half of crusts; discard remaining crusts or reserve for another use. Using a rolling pin, flatten each bread slice. Layer flattened bread slices inside a 9-inch pie pan to cover bottom and sides.
Stir together granulated sugar and cinnamon in a small bowl. Stir together 2 tablespoons of the melted butter and half of the cinnamon-sugar in a small bowl; brush mixture over bread slices. Bake in preheated oven until lightly golden and dry, 12 to 15 minutes. Cool completely, about 20 minutes.
Beat peanut butter, cream cheese, and powdered sugar in a medium bowl with an electric mixer until smooth. Stir in whipped cream. Spread half of peanut butter mixture in cooled crust. Chill 20 minutes.
Meanwhile, place jelly in a small saucepan. Cook over medium, whisking constantly, until smooth. Stir together cornstarch and water in a small bowl; add to jelly, and stir to combine. Bring mixture to a boil. Reduce heat to medium-low, and simmer 2 minutes. Remove from heat, and cool to room temperature, about 15 minutes.
Pulse reserved crusts in a food processor until coarsely chopped. Stir together chopped crusts, peanuts, salt, and remaining 2 tablespoons melted butter and cinnamon-sugar mixture in a medium bowl. Spread mixture evenly on a rimmed baking sheet. Bake at 325°F until golden brown, about 10 minutes.
Pour cooled jelly mixture over pie, and top evenly with remaining peanut butter mixture. Sprinkle evenly with crust mixture. Refrigerate until set, about 4 hours.