Peach Snack Cake

1 (12 ounce) jar peach preserves, divided
1/2 cup chopped nuts
2 packages flaky refrigerator biscuits
1/2 cup chopped nuts
Maraschino cherries

Heat oven to 400 degrees F.

Separate each biscuit into 3 layers. Overlap one package of layered biscuits to form a 9-inch circle on an ungreased baking sheet. Brush with preserves, then sprinkle with 1/4 cup nuts. Dip remaining layered biscuits into preserves and overlap on top. Bake for 18 minutes.

Brush with remaining preserves, then sprinkle with remaining 1/4 cup nuts. Garnish with maraschino cherries.