Melt half the butter in a shallow pan over a medium heat. Press the chops into the crushed peppercorns. When the butter sizzles add the chops. Cook until the juices run clear, about 8-10 minutes, turning once.
Remove the chops from the pan and keep warm. Melt the rest of the butter in the pan and cook the shallots till soft, about 2 minutes. Pour in the Cognac. Stir.
Cook for 1 minute. Pour in the consommé or stock and leave to simmer until the liquid has reduced to 6 tbsps, about 4 minutes. Stir in the cold butter. This will give a shine and richness to the sauce.
Pour the sauce over the chops. Serve with mashed potatoes and a plate of salad afterwards.