Slice four pieces of challah bread. Spread peanut butter on one half and preserves on the other. Assemble and set aside.
In a small bowl add eggs, milk, cinnamon, vanilla and sugar. Beat together.
Heat a griddle over medium heat. Add 1 tablespoon coconut oil and the butter. Melt. Dip peanut butter and jelly sandwich in the egg mixture, turning to coat both sides.
Place each sandwich on griddle and cook 4 minutes on each side or until golden brown.