Cut a heart from the center of the bread with a heart-shaped cookie cutter, reserving the cut-out heart.
Melt a nut size bit of butter in a small nonstick skillet over medium heat. Place the slice of bread and the cut-out heart in the skillet and toast lightly, about 1 minute. Crack the egg into the hole, season with salt and pepper and cook until golden brown, about 2 minutes. Add the remaining butter as needed to brown and crisp the toast. Flip the egg and cut-out heart, then season with salt and pepper. Cook another 2 minutes for a runny yolk or slightly longer for a set egg.
Transfer the egg-in-a-heart to a plate and sprinkle with paprika, if desired. Serve and use the toasted cut-out heart for dipping into the yolk.
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