Place candy coating in a large glass bowl, and microwave at HIGH 1 1/2 minutes or until coating melts, stirring once. Dip pretzels into candy coating, covering completely. Place coated pretzels on wax paper; sprinkle heavily with crushed peppermint. Let dry.
Place a single layer of pretzels around outside edge of a 12" serving tray. Continue layering remaining pretzels until wreath is 3" high.
Spoon seven small dots of remaining melted candy around top of wreath; press whole peppermints gently onto the wreath, allowing dots of melted candy to act as "glue." Let stand until firm. Decorate with bows, if desired.
Note: We used Golden Flake fat-free pretzels. You may want to buy two bags just to be sure you get enough unbroken ones for one wreath.