Submerge peaches in boiling water for about 1 minute. The amount of time required to make the skin easy to peel varies with the degree of ripeness: if really ripe, it may take less time. Remove peaches with a slotted spoon, and run cold water on them. Slip off the skin. Cut peaches into wedges, and place in either a deep 10 inch pie plate or a 2 inch deep 2 quart baking dish. Toss peaches with lemon juice and 1/2 cup sugar. Cover with foil.
Bake 15 minutes, or until the peaches are hot and bubbly
Whisk together flour, 3 tablespoons sugar, baking powder, and baking soda. Cut in butter with a pastry blender until mixture resembles small peas. Pour buttermilk over top, and toss with a fork until the mixture clumps together. Drop heaping tablespoons of dough over the peaches. In a small cup, mix 2 teaspoons sugar and nutmeg. Sprinkle over biscuits.
Bake until biscuits are golden brown, about 30 minutes. Set dish on wire rack to cool 10 to 15 minutes before serving.