Preheat the oven to 350° Fahrenheit. Butter a 9-inch cake or pie pan then place a round piece of parchment paper on the bottom of the pan (just cut a circle out of the parchment roll) and butter that as well. Start by assembling the upside down bit. Cut and pit the peaches, slicing into 1/2-inch thick pieces and laying them in whatever pattern you like in the bottom of the pan. Be sure not to put too many peach slices in the center, or the cake will not set and be goopy.

Then, in a small saucepan, heat the 1/2 cup sugar and 1/4 cup water over medium high heat. Stir the mixture until the sugar dissolves completely, and then continue to boil, watching closely, until it turns just amber in color (dark gold) (about 7 minutes). Take off the head immediately and pour (carefully and slowly) over the peaches - be sure to cover the entire peach arrangement. If you run out of caramel sauce, you can always make a second batch! Set aside the pan.

In a medium bowl, whisk together the flour, baking powder, and nutmeg, then set aside. In another bowl, use an electric mixer to beat together the 3/4 cup sugar and 1/2 cup butter until light and fluffy. Beat in the eggs one at a time, then stir in the flour mixture using a spatula or wooden spoon. Pour the batter over the caramel and peaches, spreading evenly.

Bake for 35 minutes or until top is golden brown and set (does not jiggle). Let the cake cool almost completely before serving. This cake is wonderful on it's own or topped with vanilla ice cream!