At least a day ahead, fill a 2-quart bowl with water and freeze until completely solid.
In a large punch bowl, muddle the lemon peels and sugar.
Let the mixture stand for at least 3 hours.
Add the boiling water, stirring until as much as possible of the sugar has dissolved.
Add the remaining ingredients and stir to combine.
To serve, add the ice block and garnish liberally with freshly grated nutmeg.
This recipe serves 25.
*For the first time in decades, old-fashioned barrel-aged peach brandy is available, from Old World Spirits in California or Dutchs Spirits in New York. Its pricey, but it really makes this punch. If you cant get it, substitute 8 ounces of Lairds Applejack and 4 ounces of imported peach liqueur.