As red as Campari, Peychaud's is a wonderful source of color in cocktails, greatly adding to their memorability. It's likely the second-most recognizable bitters, next to Angostura, and certainly one of the oldest. Not just differentiated by color, Peychaud's is also markedly headier, more floral and less salty than Angostura.
It's also a key ingredient in the Sazerac cocktail. There is argument over whether or not the eponymous Antoine Peychaud invented the Sazerac, or just something like it. And while many bars argue over whether it should be made with rye whiskey or Cognac brandy (or both) everyone agrees Peychaud's is mandatory.
Or maybe not.
Peychaud's hasn't remained completely unchanged in its near-200 year history, and many bars are now defecting to other brands of 'creole' bitters that more closely mimic its historic flavor. While it'll be many years yet before dedicated bars have the stones to not stock Peychaud's, there's a growing camp of tipplers who would rather their patrons keep an open mind.
Peychaud is located in New Orleans, Louisiana in Southern USA. Established in 1838 by Antoine Amédée Peychaud, it is now owned by the Sazerac Company.