Remove skin from ham, and trim fat to 1/4-inch thickness. Make shallow cuts in fat 1 inch apart in a diamond pattern. Place ham in an aluminum foil-lined roasting pan; add broth to pan.
Stir together preserves and next 5 ingredients in a saucepan; bring to a boil over medium-high heat, stirring constantly. Reduce heat to medium-low; simmer, stirring constantly, 5 minutes or until mixture is slightly reduced. Cover and chill half of cherry mixture until ready to serve. Brush ham with half of cherry mixture.
Bake ham at 275° on lower oven rack 4 hours to 4 hours and 30 minutes or until a meat thermometer inserted into thickest portion registers 148°, basting with remaining cherry mixture every 30 minutes. Let ham stand 15 minutes before slicing.
If desired, reheat reserved chilled cherry mixture. Serve ham with reserved cherry mixture and mustard. Garnish, if desired.
Note: We tested with Smucker's Cherry Preserves and Smithfield Hardwood Smoked, Ready-to-Cook Ham.
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This was THE BEST HAM I have ever made and my guests at Thanksgiving couldn't stop talking about how moist and flavorful it was. I just used a good ole already cooked half ham (Smithfield). The picture they are showing isn't really how it will end up as you have to put the cut side down in the roasting pan. And DO NOT cover the ham. Also, a note about the directions... Once you divide the cherry sauce, you will not use one half of it at once, like the directions make it sound at first. You need to use it to baste throughout the cooking process. The preserves I used had large chunks of cherries in it, so that when I make this next time I will puree so that I don't have to dip into my "serving" sauce to finish the basting process. The lower temp was definitely the way to go and the leftovers stayed moist for days!
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