Spread one side of 6 slices white bread with softened butter or margarine.
Cut into cubes.
Place half the cubes in bottom of 113/4x71/2x13/4-inch baking dish; top with 6 slices sharp process American cheese.
Drain 1 pint shucked oysters, reserving liquid.
Add enough milk to liquid to make 2 1/2 cups.
Arrange oysters over cheese slices.
Top with remaining bread cubes.
Blend together oyster-milk mixture, 2 beaten eggs, 1 teaspoon salt, and 1/4 teaspoon pepper.
Pour over ingredients in baking dish.
Bake at 325Â° till knife inserted just off center comes out clean, about 1 to 1 1/4 hours.