Season the beef on all sides with salt and pepper. Heat a large Dutch oven over medium heat and heat through.
Add the beef and sear until all sides are golden brown, about 6 minutes. Remove to a plate and set aside.
Return the pot to heat and add the coriander, cumin, red curry paste and sugar, stirring constantly to fry the paste until it deepens in color and becomes fragrant, about 1 minute.
Add the coconut milk to the pot with the beef and 1 cup of water. Cover and simmer the mixture over medium-low heat until the beef is fork-tender, about 1 hour and 30 minutes, adding additional water ¼ cup at a time if the sauce becomes too thick and dry.
Stir in the fish sauce, peanut butter and half the julienned lime leaves.
Garnish with the remaining lime leaves and peanuts then serve the beef panang curry with jasmine rice, Thai basil and lime wedges.