Rinse the dried beef under cool water for 15 seconds, drain it and pat it dry to remove excess surface salt.
Melt 3 tablespoons butter in a skillet over medium heat, add the beef and cook for 2 minutes until the edges curl slightly.
Sprinkle in the flour and stir for 1 minute until no dry patches remain.
Whisk in the milk gradually and simmer for 4 to 6 minutes until the gravy coats the back of a spoon; stir in the pepper and nutmeg.
Butter and toast the bread until crisp, then spoon the hot creamed beef over two slices per serving.