In a small bowl, combine the flour, baking soda, baking powder, salt and cinnamon; reserve.
In the bowl of a Cuisinart Hand Stand Mixer, fitted with the flat beaters, add the shortening and peanut butter. Mix on speed 3 until creamy. Gradually add the granulated and brown sugars. Mix until light, about 2 minutes, rising to speed 4 half way through. With the mixer running, add the eggs, one at a time. Mix until fully incorporated, about 2 minutes. Reduce to speed 1 and add half of the dry ingredients. Once almost fully combined, add the molasses and milk. Raise to speed 3 and continue to mix until homogenous, about 15 to 20 seconds. Add remaining dry ingredients and roasted peanuts and mix until completely combined.
Divide dough in half and wrap each in plastic wrap. Chill dough over night.
Preheat oven to 350°F. Once chilled, cut each dough half into pieces about 1-inch in size. Roll each into a smooth ball and then dip into the reserved granulated sugar. Place on baking sheets lined with parchment paper. Press down to slightly flatten. Bake in preheated oven for about 12 to 15 minutes. Cool on wire rack.