Rinse and sort peas and add to a large pot with 8 cups cold water. Soak 8 hours or overnight. Drain and rinse beans and set aside.
In a large pot, add olive oil and diced onion. Cook for 5 to 7 minutes, until translucent. Add in bell pepper and garlic, cooking for another minute.
Add the rest of the ingredients – except for the collard greens – to the pot. Stir to combine. Bring to a boil, then reduce to a simmer. Cook for 1 hour with a lid tilted.
Meanwhile, remove stems from the collard greens and discard. Chop leafy green parts into roughly 2-inch pieces and set aside.
Once peas have cooked for an hour, stir in the greens. Simmer without the lid for another 30 to 40 minutes, stirring occasionally, until most of the liquid has cooked off and peas have reached desired tenderness.
Remove bay leaves from the pot. Adjust salt, as needed. Serve peas and greens for the ultimate good luck. Store leftovers, cooled to room temperature, in an air-tight container in the refrigerator for up to 4 days.