1 (12 oz.) pkg. semi sweet chocolate morsels
1 can sweetened condensed milk
2 c. oven-toasted rice cereal
1 c. peanuts

In top of double boiler, melt morsels over boiling water; stir in sweetened condensed milk. Remove from heat; stir in cereal and peanuts. Drop by teaspoons onto waxed-paper-lined baking sheets. Chill 2 hours or until firm. Store at room temperature in loosely covered container. Makes about 2 pounds or 48 candies.