Step 1: In a large mixing bowl, combine the melted butter, powdered sugar, and vanilla extract. Mix until smooth and creamy.
Step 2: Stir in the shredded coconut and sweetened condensed milk until well combined.
Step 3: Fold in the chopped maraschino cherries and finely chopped pecans, mixing evenly throughout the batter.
Step 4: Line a 9x13-inch baking pan with parchment paper or wax paper. Spread the mixture evenly in the pan and press gently to smooth the surface.
Step 5: Chill the mixture in the refrigerator for about 2 hours, or until firm enough to cut.
Step 6: Once set, remove from the pan and cut into small squares or desired shapes.
Step 7: Melt the candy coating in a double boiler or microwave according to package instructions until smooth.
Step 8: Dip each candy square into the melted coating, allowing the excess to drip off, then place them on parchment paper to set.
Step 9: Allow the coated candies to cool completely until the coating hardens before serving or storing.