In top of double boiler or in a microwave safe bowl, combine unwrapped caramels and milk.  Melt either in double boiler or microwave (on high in 30 second intervals) stirring occasionally until caramels are fully melted. Remove from heat or microwave. Add margarine and mix well. Stir in the powdered sugar beating by hand until smooth. Stir in peanuts. With buttered fingers, press mixture in lightly greased 8” square pan. Refrigerate about 2 hours or until firm. Cut into bars.  Store in an airtight container in the refrigerator.