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Pat scallops dry with paper towels.
Sprinkle on both sides with salt and pepper.
Heat a large, heavy skillet over high heat until very hot.
Add oil and heat until very hot, but not smoking.
Add half the scallops and sear, turning once, until lightly browned, 2 to 3 minutes per side.
Transfer scallops to a platter and cook remaining scallops; cover and keep warm.
Lower heat to medium and add shallots to the skillet.
Cook, stirring, until softened, about 2 minutes.
Add vinegar and cherries.
Cover skillet and cook, stirring occasionally, until cherries are softened, 4 to 5 minutes.
Stir in tarragon, then pour cherry sauce over scallops.