Using a biscuit cutter, cookie cutter, or mold, cut a 2 ½ inch hole in the middle of the bread, saving the cut out.
Butter both sides of bread and cut out. Place on a skillet or griddle over medium heat.
Crack the eggs into the holes and season with salt and pepper. Cook for about 2 minutes. Once the bread is lightly toasted and the egg starts to set, flip over and continue cooking the other side until set.
Garnish with two slices of bacon in an X pattern over the top of your one eyed sailor and use the cut out for dipping.