Preheat oven to 325 degrees. Line a 9 x 13 inch baking pan with foil, extending the foil over edges of pan. Grease foil and set pan aside.
Melt 1 cup of the butter in a microwave safe bowl. Add the crushed pretzels and granulated sugar. Press the mixture firmly and evenly onto the bottom of the prepared pan.
In a medium saucepan combine the remaining 1/2 cup butter, cream and brown sugar. Cook and stir over medium-low heat until butter is melted and brown sugar is dissolved. Stir in the caramel and cook, stirring frequently, until caramels are melted and mixture is smooth. Stir in peanuts …
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