Melt chips add Eagle Brand, stirring occasionally until mixture begins to thicken.
Add chopped nuts and vanilla.
Line bottom of 9" pie pan with foil.
Place 3/4 cup walnut halves in bottom forming a ring.
Spoon chocolate mixture over nuts. Add maraschino cherries and remaining nuts for decoration.
Chill in refrigerator until firm enough to slice. Cut into 1/2 inch slices.