Preheat oven to 350. Spread puffed rice in thin layer on a flat pan. Bake for 10 minutes.Remove and let cool completely.
In large saucepan,over low heat combine butter and marshmallows,stirring constantly until marshmallows are melted. Stir in toasted puffed rice and mix well. Grease fingers and press mixture in well greased 13x9 inch pan. Cool completely.
Cut in half to form 2 pieces 9x6.5 each. Spread peanut butter over one half then cover peanut butter with preserves. Top with other half. Let stand 2 to 3 hours before cutting into squares. Wrap each square in plastice wrap to give away or layer in air tight container separating layers with plastic wrap.