Preheat oven to 350 degrees F (175 degrees C). Grease and flour a 9-inch round cake pan.
In a medium bowl, stir together the flour, baking powder and salt. Set aside.
In a large bowl, cream together the butter and sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla. Beat in the flour mixture alternately with the milk, mixing just until incorporated. Fold in the semi-sweet chocolate chips.
Pour the batter into the prepared pan and spread evenly. Bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean. Let cool in the pan for 10 minutes, then turn out onto a wire rack to cool completely.
To make the filling, place the jam or jelly and water into a small saucepan over medium heat. Cook, stirring constantly, until the mixture is hot and bubbly. Let cool for 5 minutes.
In a medium bowl, whip the heavy cream until stiff peaks form. Gently fold in the cooled jelly mixture. Spread the filling onto the cooled cake and refrigerate for 30 minutes.
To make the glaze, place the chocolate chips, butter and 2 tablespoons of water into a microwave safe bowl. Microwave for 30 seconds, stir, and then microwave for an additional 30 seconds. Stir until smooth. Let cool for 10 minutes before pouring over the cake.
Decorate the cake with chocolate hearts and serve.
Interesting Facts
This cake is a classic American favorite and has been around since the late 1800s.
The cake is traditionally made with a layer of chocolate cake and a layer of white cake.
The cake is often served at weddings and anniversaries.