This is one of my favorite ways to eat eggs. I met people at college who had heard of it somewhere else, but until then I was under the impression that I had invented it. I think that it's very important that you have good, New York style, seeded rye bread for it, that the yolk stays runny, that you use enough butter and that you use enough salt. Great with Heinz baked beans in tomato sauce, a tomato halved and fried for a minute or two on its open side, and a mug of Lyon's Irish breakfast tea with milk . . . mmmm. —The Weary Epicurean
Place the egg in its shell on its long side in the center of the toast. Cut around it with a sharp knife, creating a whole. Save the piece of bread you cut out, hopefully in one piece!
Butter both pieces of bread lightly on both sides. Put the rest of the butter (at least a teaspoon or so) in a pan and get it sizzling but don't let it brown.
Put the two pieces of bread in the pan. Crack the egg over the toast so that the yolk stays in the hole. Spread the white out a little with a wooden spoon so that it coats more of the toast - this is easier (and obviously, the whole thing tastes better) with a good fresh egg.
After the white has set on the bottom (1-2 minutes) flip the toast, being careful not to break the egg. Also flip the little extra bit of toast. 1 more minute and it's done! Season with salt.