Combine peaches, sugar, water, and lemon juice in a flat bottomed kettle; slowly bring to a boil. Boil, stirring frequently, until peaches become translucent and mixture registers 220° on a candy thermometer or until mixture sheets from a cold metal spoon. Remove from heat, and skim off foam with a metal spoon.
Quickly ladle preserves into hot sterilized jars, leaving a 1/4- inch headspace. Cover at once with metal lids, and screw bands tight. Process preserves in boiling-water bath 15 minutes.