In a large bowl, dissolve yeast in warm water. Add the sugar, butter, salt, egg and 2 cups flour. Beat until smooth. Stir in enough remaining flour to form a stiff dough. Place in a greased bowl, turning once to grease top. Cover and refrigerate for 2-24 hours.
Punch dough down. Turn onto a lightly floured surface; divide in half. Cut each into 16 pieces. Roll each piece into a 20-in. rope. Shape into a pretzel.
Place on greased baking sheets. Beat egg yolk and cold water; brush over pretzels. Sprinkle with coarse salt. Cover and let rise in a warm place until doubled, about 25 minutes.
Bake at 400° for 15-20 minutes or until golden brown. Remove from pans to wire racks to cool.
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