Cut a small, shallow X in the bottom of each peach. Working in batches, blanch in a large pot of boiling water until skin loosens, about 1 minute.
Transfer to a large bowl of ice water; let cool. Peel, halve, and pit.
Cut into 1/3" slices.
Combine with sugar and juice in a large bowl.
Let stand for 30 minutes.
Place a small plate in freezer.
Transfer fruit mixture and 4 tea bags to a large heavy pot. Open the remaining tea bag; crumble leaves slightly; add to pot. Bring to a boil, stirring gently, and cook 15-20 minutes. Test doneness by scooping a small spoonful onto chilled plate and tilting plate. (Preserves are ready if they don't run.)
Remove tea bags. Skim foam from the surface of jam. Ladle jam into 2 clean, hot 1-pint jars. Wipe rims, seal, and process in a boiling water bath for 10 minutes.
