Sift together flour, ground peanuts, baking powder, sugar, and salt. Cut in shortening until mixture resembles coarse meal. Add milk, stirring with a fork until dry ingredients are moistened.
Turn dough out onto a floured surface; knead 4 to 5 times.
Roll dough to 3/4-inch thickness; cut with a 2-inch biscuit cutter. Place biscuits on greased baking sheets. Bake at 450° for 12 minutes or until lightly browned. Serve hot with peanut butter and jelly, if desired.