Heat oven to 425°F. In large bowl, mix peaches, sugar, tapioca, cornstarch, cinnamon and lemon juice. Let stand 15 minutes, stirring occasionally.
Meanwhile, unroll 1 pie crust on work surface. Sprinkle both sides lightly with flour; place in ungreased 9-inch glass pie plate. Spoon peach mixture into crust-lined plate. Press firmly against side and bottom. Top with second crust and flute; cut slits in several places.
Cover crust edge with strips of foil to prevent excessive browning; bake 20 minutes. Remove foil; brush with preserves. Bake 20 to 30 minutes longer or until golden brown. Cool at least 2 hours before serving.