Preheat oven to 350 degrees Fahrenheit. Line a cookie sheet with Gefen Parchment Paper.

In the bowl of an electric mixer, cream margarine and sugar until fluffy. Add egg, vanilla extract, and peanut butter and mix. Add flour, baking powder, and salt and mix well.

Transfer dough to parchment paper. Layer another sheet of parchment paper on top. Using a rolling pin, roll out dough to about half an inch thick.

Using a round cookie cutter, cut circles. Using a smaller round cookie cutter, cut out little holes in the centers of half the cookies.

Bake for eight to 10 minutes.

Allow to cool for two minutes on the cookie sheet, then transfer to a wire rack until fully cooled.

Smear jelly on each full cookie. Sprinkle confectioners’ sugar on top of each cookie that has a hole. Place the sprinkled cookies on top of the jelly-smeared cookies.