1. Heat peanuts in a small skillet over medium-high heat, stirring often, 2 minutes or until lightly toasted. Let cool 15 minutes.
2. Crisp bacon slices according to package directions.
3. Whisk together mayonnaise, sugar, and vinegar in a large bowl. Crumble bacon, and add to mayonnaise mixture in bowl. Add coleslaw mix, salt and pepper to taste, and peanuts; toss to coat. Cover and chill at least 1 hour or up to 8 hours. Serve with a slotted spoon.
Note: For testing purposes only, we used Hormel Fully Cooked Bacon.