Preheat oven to 350° F.
Place peanuts in work bowl of food processor fitted with steel blade and process until finely chopped.
Do not overprocess or you'll wind up with peanut butter.
Add eggs and sugar and process a few seconds more.
Add flour and baking powder and process until combined.
Drop by tablespoonfuls onto ungreased baking sheet, and bake about 15 minutes, or until cookies are lightly browned