Step 1: With a 3-inch fluted pastry cutter, cut out 8 rounds from the bread slices.
Step 2: With the same cutter, cut out 8 rounds of Gruyere and ham and set aside until ready to use.
Step 3: In a medium size skillet, heat 3 tablespoons butter over medium-low heat and saute the bread rounds on one side only, until golden.
Step 4: With the remaining 1 tablespoon of butter, coat a baking dish and arrange the bread rounds browned-side-up in the dish.
Step 5: Cover each slice of bread with a round of cheese and the ham.
Step 6: Separate the yolks from the whites, reserving 4 of the whites in a bowl and placing each yolk in a separate ramekin. Reserve the remaining 4 whites for another use.
Step 7: Beat the the 4 egg whites until stiff, but not dry.
Step 8: Fit a pasty bag with a star tube and fill with the beaten egg whites.
Step 9: Pipe three rings one on top of the other around the perimeter of each bread slice.
Step 10: Gently slide-in an egg yolk from each ramekin into the center of each croustade.
Step 11: Add 1/4 teaspoon of butter on top of each egg yolk and bake until yolk is set and egg whites are lightly browned for approximately 8 - 10 minutes.
Step 12: Remove each croustade onto serving plates and spoon a band of Hollandaise sauce over the top.
Step 13: In a small saucepan, mix the water, lemon juice, salt and pepper. Place saucepan over medium heat and reduce to 2 tablespoons.
Step 14: Remove from heat and cool slightly. Add the yolks and whisk rapidly to mix throughout, placing saucepan over very low heat until the mixture is thick and creamy.
Step 15: Remove from heat and add the melted butter in very slowly (teaspoon by teaspoon, initially), while whisking constantly.
Step 16: If the sauce thickens too much, add a little water to lighten.
Step 17: When all of the butter has been incorporated, correct the seasoning with salt and pepper if necessary. Add pinch of cayenne, to taste.
Step 18: Keep warm over a pan of tepid water.
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