Preheat oven to 375 degrees F (190 degrees C). Bring a large pot of lightly salted water to a boil. Add pasta and cook for 8 to 10 minutes or until al dente; drain.
Grease a 2 quart casserole dish. Place a quarter of the macaroni in the bottom, followed by an even layer of one-quarter of the cheese slices. Dot with butter and season with salt and pepper. Repeat layering three times. Pour evaporated milk evenly over the top of all.
Bake, uncovered, for one hour, or until top is golden brown.