Preheat oven to 325°F. In a small saucepan combine 1/2 cup of the dried cherries and the cherry juice; bring to boiling. Remove from heat; let stand for 15 minutes. Drain cherries, discarding juice.Advertisement
Make four or five slits (1-1/2 to 2 inches deep) in ham. Press some of the soaked cherries into each slit as it is cut. Place ham on a roasting rack in a 13x9x2-inch baking pan or baking dish. Cover with foil.
Insert an oven-going meat thermometer into thickest portion of ham.* Bake about 2 hours or until thermometer registers 140°F.
Place peach preserves in a small bowl; snip any large pieces of fruit. Stir in the remaining 1/2 cup dried cherries and the lemon juice. Spoon 1/2 cup of the preserves mixture over ham. Bake, uncovered, for 10 minutes more. In a small saucepan heat the remaining preserves mixture and pass with the ham.
Prepare as directed through Step 2. Chill for up to 4 hours. Continue as directed in Steps 3 and 4.
If you don't have an oven-going meat thermometer, use an instant-read thermometer inserted into the thickest portion of ham to test the temperature.