The 23-feet, 6-inches long, 12-feet, 6-inch tall vehicle was originally created to tour the country, promoting nuts and NASCAR. Today it usually only makes an annual appearance at the Macy's Thanksgiving Day Parade along with the Ronald McDonald Shoe Car.
It was created by Prototype Source and you can see from their design sketches that they initially had a clear vision.
Behold the Mr. Peanut Hot Air Balloon! At over 130 feet tall (13 1/2 stories) it's twice as big as the average hot air balloon.
Check out the video below for a "Peanut's Eye View" of the world as a reporter from the Chatham Daily News takes a sky high ride with Mr. Peanut.
The first three pictures are courtesy of Prototype Source:
The second two pictures are courtesy of Planters: