Combine 3/4 cup sugar, cornstarch and water in saucepan, stirring until cornstarch is dissolved.
Step 2
Blend in lemon juice, salt and nutmeg. Finely chop or crush three of the peaches. Add these to cornstarch mixture. Blend in food coloring
Step 3
Bring to boiling point, reduce heat and simmer until mixture is thick and clear. Stir constantly. Cool.
Step 4
Slice remaining two peaches, arrange on bottom of baked pie shell. Sprinkle with 1/4 cup sugar. Spoon cooked mixture onto sliced peaches. Refrigerate before serving. Top with whipped cream or ice cream.