Mix peanut butter, brown sugar, butter, honey and egg in large bowl. In a separate bowl, whisk together flour, salt and baking powder; add to the peanut butter mixture and mix well. Divide the dough into 4 equal portions. Wrap each portion in plastic wrap or waxed paper and refrigerate 2 hours or overnight.
Remove portions from refrigerator and place each portion between 2 sheets of plastic wrap or waxed paper. Roll each portion into a "sheet" about 1/8-inch thick (refrigerate dough again if it becomes too soft to handle.)
Heat oven to 350F. Using a drinking glass or cookie cutter, cut the dough into circles. Using a smaller drinking glass or cookie cutter, cut smaller circles or "windows" in the center of half of the circles. Transfer cookies to a nonstick baking sheet, leaving 1/2 inch between them.
Bake all cookies 5 to 6 minutes or just until they begin to brown. Using a spatula, transfer the cookies to a cooling rack. When cookies have cooled, spread the jelly on the plain cookies and top with the "window" cookies.