With peaches on sale as low as $1 a pound at Save a Lot, you can't beat the price on this one. No one will know it cost a couple of bucks as it looks like you spent hours of your afternoon in preparation.
1-1/2 cups all-purpose flour
2 tablespoons plus 3/4 cup packed brown sugar, divided
1-1/4 teaspoons salt, divided
1/2 cup cold margarine, cubed
2 tablespoons shortening
3 to 5 tablespoons ice water
8 cups sliced peaches (about 7-8 medium)
1 tablespoon lemon juice
3 tablespoons cornstarch
1/2 teaspoon ground cinnamon
1/4 teaspoon ground nutmeg
1 large egg, beaten
2 tablespoons sliced almonds, optional
1 tablespoon sugar
1/3 cup water
1 cup fresh raspberries or strawberries, optional
Mix flour, 2 tablespoons brown sugar and 1 teaspoon salt; cut in butter and shortening until crumbly. Gradually add ice water, tossing with a fork until dough holds together when pressed. Shape into a disk; wrap in plastic wrap. Refrigerate 1 hour or overnight.
Preheat oven to 400°. Combine peaches and lemon juice. Add remaining brown sugar, cornstarch, spices and remaining salt; toss gently. Let stand 30 minutes.
Meanwhile, on a lightly floured surface, roll dough into a 13-in. circle; transfer to a 10-in. cast-iron skillet, letting excess hang over edge. Using a slotted spoon, transfer peaches into pastry, reserving liquid. Fold pastry edge over filling, pleating as you go, leaving center uncovered. Brush folded pastry with beaten egg; sprinkle with almonds (if desired) and sugar. Bake until crust is dark golden and filling bubbly, 45-55 minutes.
In a small saucepan, combine reserved liquid and water; bring to a boil. Simmer until thickened, 1-2 minutes; drizzle over warm pie. If desired, top with fresh raspberries or strawberries.