Soak morels in lukewarm water for half an hour. Peel and finely dice the shallots. Pour morel water through a filter bag and collect. Cut large morels into halves or quarters.
Heat butter (I) in a frying pan. Sauté shallot cubes until translucent, add white wine and cook a little, pour through a sieve.
Pour liquid repeatedly into the frying pan, discarding shallot cubes. Add morel water and morels, simmer with lid closed at low temperature for 20 minutes. Add cream and cook until a creamy sauce is formed. Season sauce with salt and pepper.
Thinly coat both sides of toast slices with remaining butter and toast in stove until golden brown.
To serve, arrange 2 slices of bread on hot plates and evenly distribute the morels with sauce on top.