Preheat oven to 400 degrees. Using a pairing knife, peel and slice your peaches. Place in a large bowl.
In a medium saucepan, combine brown sugar, cornstarch, and 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.
To prepare your topping, in a medium bowl, sift together flour, sugar, baking powder, and salt. Cut in butter until mixture is crumbly. Create a hole in the center and add the egg and 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 fruit by small mounds. Sprinkle with coarse sugar. Bake for 30-40 minutes until topping is cooked through. Serve warm with ice cream. Serves 6-8
Notes
*Recipe may be doubled to serve a large crowd.**All butter used on this recipe site is salted.