The dish, first made by slaves in South Carolina, contains black-eyed peas, which were a staple in African diets. A dime is often hidden in the rice and the person who gets the coin will have good luck in the new year.
Corn bread is the traditional accompaniment.
In a large saucepan, heat the oil over medium heat. Add the onion and green pepper and saute until the onion is softened, about 4 minutes. Add the rice and cook until it is lightly coated with oil and starting to brown. Stir in the broth, water, black-eyed peas, thyme, red pepper, and salt. Cover and bring to a boil.