DIRECTIONS

In a large bowl, cream butter and sugar until light and fluffy. Beat in egg and vanilla. Gradually add flour and mix well. Divide dough in half; wrap each portion in plastic wrap. Refrigerate for 2 hours or until easy to handle.
    On a lightly floured surface, roll out each portion of dough to 1/8-in. thickness. Cut with a floured 2-1/2-in. scalloped cookie cutter. Cut a 1-in. hole in the centers of half of the cookies with a floured cutter.
    Place 2 in. apart on ungreased baking sheets. Bake at 375° for 8-10 minutes or until lightly browned. Remove to wire racks to cool.
    Heat butter in a small saucepan over medium heat until golden brown, about 7 minutes. Remove from the heat; gradually add the confectioners' sugar, vanilla and enough water to achieve a spreading consistency.
    Spread on the bottoms of the solid cookies; top with remaining cookies. Place 1/2 teaspoon preserves in the center of each. Yield: 3 dozen.