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To make crust in food processor: Stir water and yolk in a 1-cup measure or small bowl until blended.
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Pulse flour and butter until coarse crumbs form.
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With motor running, add egg mixture.
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Process just until dough leaves sides of bowl.
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Remove blade, then dough.
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By hand: mix water and yolk until blended.
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Put flour in a medium bowl.
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Cut in butter with a pastry blender or 2 knives until mixture resembles coarse crumbs.
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Add yolk mixture and stir with a fork until crumbs clump together to form a dough.
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Gather dough into a ball, divide in half, flatten each half into a disk and wrap in waxed paper.
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Refrigerate 30 minutes or until firm enough to roll out.
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Filling: Mix 1 cup of sugar and flour in a large bowl.
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Add peaches, sprinkle with lemon juice and toss with sugar mixture until evenly coated.
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Heat oven to 375 degrees Fahrenheit.
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Have a 9-inch pie plate ready.
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On a lightly floured surface with a lightly floured rolling pin, roll out half the dough to a 12-inch circle.
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Fit circle into pie plate.
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Spoon filling into pie shell and dot with 2 tablespoons butter.
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Roll remaining dough into a 10-inch circle.
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Cut with a pastry wheel or sharp knife in twelve 3/4-inch-wide strips.
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Arrange 6 strips across filling, using longest in center.
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Lay remaining strips on top in opposite direction, weaving them under bottom strips if desired.
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Trim ends to inner edge of pie plate.
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Press ends to edge of of bottom crust.
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Roll overhang of bottom crust up over edges of strips to form an even rim.
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Flute or crimp edge.
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Brush lattice with egg-white mixture, then sprinkle with 1/4 cup sugar.
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Bake 45 to 50 minutes until pastry is golden-brown and peaches are tender when pierced.
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Remove to a wire rack.
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Cool at least 1 hour before serving.
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NOTE: To peel peaches easily, immerse them in boiling water 20 to 30 seconds, then immediately plunge them into ice water to stop cooking.
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Peel off skin, with your fingers or a small knife.