Chop the maraschino cherries into small pieces and pat them dry with paper towels.
In a large bowl, mix the melted butter, powdered sugar, vanilla extract, shredded coconut, sweetened condensed milk, chopped cherries, and chopped pecans until well combined.
Refrigerate the mixture for at least two hours until firm.
Once firm, shape the mixture into walnut-sized balls and chill for another 20 minutes.
Line a baking sheet with parchment paper to prevent sticking while the candies set.
Melt the candy coating following the package instructions.
Dip each ball into the melted chocolate, tap off the excess, and place on the lined baking sheet to set.
Repeat the dipping process until all balls are coated.
Store the candies in an airtight container at room temperature for up to 2 weeks.
Notes
For a festive touch, drizzle melted white chocolate over the candies before the chocolate coating sets.