Butter is sold by the pound, quartered. Each quarter or 1/4 pound is wrapped individually. I believe the recipe called for 1/4 lb. butter to fry up EACH sandwich.
Here's a link to the recipe:
http://splendidtable.publicradio.org/recipes/main_pbsand.html ===
Correcting myself: I must be recalling incorrectly, as several online recipes call for 2 Tablespoons of butter for the sandwich. I made several sandwiches (for family and friends) so I must be remembering the amount of butter for the entire preparation.
I was on a very low-fat diet at the time and remember being appalled at the fat content.