Spread butter onto both sides of each bread slice. Cut a hole in the middle of each slice with a circular cookie cutter or the top of a glass.
Place a slice of bread in the pan and crack an egg into the hole. When the egg is set, flip the entire thing over. Cook until desired doneness is reached. Repeat with remaining ingredients, including the bread circles.
Serve toasted bread circles on the side along with orange wedges and a small glass of milk (or milk substitute).