Peer-to-peer video streaming has emerged as an important means to transport stored video. The peers are less costly and more scalable than an infrastructure-based video streaming network which deploys a dedicated set of servers to store and distribute videos to clients. In this paper, we investigate streaming layered encoded video using peers. Each video is encoded into hierarchical layers which are stored on different peers. The system serves a client request by streaming multiple layers of the requested video from separate peers. The system provides unequal error protection for different layers by varying the number of copies stored for each layer according to its importance. We evaluate the performance of our proposed system with different copy number allocation schemes through extensive simulations. Finally, we compare the performance of layered coding with multiple description coding.