Gather the ingredients so you have everything close at hand on the counter or table. Preheat oven to 400℉.
Using a pairing knife, peel, core, and slice your peaches. Place in a large bowl.
Prepare the Peaches
In a medium saucepan, combine brown sugar, cornstarch, and freshly ground nutmeg. Add water to mixture and cook till sauce thickens.
Add lemon juice and butter to the sauce, then pour over the peaches. Stir to combine.
Make the Topping
To prepare your topping, in a medium bowl, sift together the all-purpose flour, granulated sugar, baking powder, and salt.
Cut in butter until mixture is crumbly. Create a hole in the center and add the large egg and whole milk. Whisk together with a fork and then blend in with the flour mixture until moist.
Pour hot fruit mixture into a greased square baking dish. Spoon biscuit topping over peaches by small mounds, flattening them out with the spoon or your fingers.
Sprinkle with coarse decorating sugar to garnish. Bake in preheated oven for 35-45 minutes until topping is cooked through. Be sure to check the topping with a fork to test if it is fully baked. Serve warm with ice cream or whipped topping. Serves 4-6.
Notes
*Recipe may be doubled to serve a large crowd.**All butter used on this recipe site is salted.