Wash and sort peas; add water. Bring to a boil; simmer 2 minutes. Remove from heat, cover and let stand one hour. Add ham bone, vegetables, bay leaf and thyme; heat to boiling. Reduce and simmer, covered, 2 ½ to 3 hours or until peas are soft. Remove bone; cut off meat and dice. If desired, put vegetable mixture through food mill, blender or sieve.
Return meat to soup; season to taste with salt and pepper. Makes about 2 quarts.