In a medium pot, cover the peanuts with water and bring to a boil.
Add the cayenne pepper and 1 teaspoon salt. Lower to a simmer, cover and cook at least 2 hours. Peanuts are done when the shells are easy to remove and the peanuts are creamy all the way through. Serve warm.
Cook's Note: Peanuts can be refrigerated in the boiling liquid for up to 3 days after cooking.
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