"Peanuts and Diamonds" was recorded on April 22, 1976 at Bradley's Barn studio in Mount Juliet, Tennessee.
Three additional tracks were recorded at the same studio session, including his major hit "Liars One, Believers Zero.
[2] "Peanuts and Diamonds" was released as a single by MCA Records in August 1976.
[3] The song spent 14 weeks on the Billboard Hot Country Singles before reaching number ten in October of that year.
[4] In Canada, the single reached number seven on the RPM Country Songs chart in 1975.