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1. Preheat oven to 325 degrees F. In a small saucepan combine 1/2 cup of the dried cherries and the cherry juice; bring to boiling. Remove from heat; let stand for 15 minutes. Drain cherries, discarding juice.
2. Make four or five slits (1-1/2 to 2 inches deep) in ham. Press some of the soaked cherries into each slit as it is cut. Place ham on a roasting rack in a 13x9x2-inch baking pan or baking dish. Cover with foil.
3. Insert an oven-going meat thermometer into thickest portion of ham.* Bake about 2 hours or until thermometer registers 140 degrees F.
4. Place peach preserves in a small bowl; snip any large pieces of fruit. Stir in the remaining 1/2 cup dried cherries and the lemon juice. Spoon 1/2 cup of the preserves mixture over ham. Bake, uncovered, for 10 minutes more. In a small saucepan heat the remaining preserves mixture and pass with the ham.