In a large mixing bowl combine flour and other dry ingredients. In a medium bowl whisk together eggs and peanut butter until combined. Gradually stir in milk (mixture will be stiff at first but will thin when all the milk is added). Add peanut butter mixture to flour mixture. Stir just until combined but still slightly lumpy. Gently stir in peanuts. Batter will be thin but will thicken slightly after standing a few minutes.
Heat a lightly greased griddle or heavy skillet over medium heat. For each pancake, pour about 1/4 cup batter onto griddle.
Cook over medium heat until pancakes are golden; turn when tops are bubbly and edges are slightly dry (1 to 2 minutes per side). Makes 16 pancakes.