Soaking all night in polyurethane doesn't do a Circus Peanut any good.
Anyway, according to Wikipedia:
In 1963, General Mills vice president John Holahan inventively discovered that Circus Peanuts shavings yielded a tasty enhancement to his breakfast cereal. General Mills formalized the innovation and created Lucky Charms, the first breakfast cereal to contain marshmallow bits (or "marbits").
So there you go.