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1. Preheat oven to 325 degrees F. In a small saucepan combine 12 cup of the dried cherries and the cherry juice; bring just to boiling. Remove from heat and let stand for 15 minutes. Drain cherries and discard juice.
2. With a sharp knife cut three or four 1-12- to 2-inch-deep slits in ham, making cuts at a right angle to the direction ham will be sliced. Press in soaked cherries as each slit is made. Place ham on rack in shallow roasting pan. Cover with foil. Roast for 2 hours or until a meat thermometer registers 140 degrees F.
3. With a spoon transfer peach preserves into a small bowl; with kitchen shears snip any large pieces of fruit. Add remaining dried cherries and lemon juice. Spoon 12 cup of the preserves mixture over ham. Bake, uncovered, for 10 minutes. In a small saucepan heat the remaining preserves mixture; pass with ham. Makes 10 to 12 servings.