Dip each shrimp into the flour, then the egg and then dredge in the panko mixture to coat well. You may need to gently press the coconut to the shrimp to get it to stick. After coating set the shrimp on a plate while dipping the next shrimp.
Add enough oil to cover the bottom of a large skillet on medium heat. Fry the coconut shrimp in batches - do not crowd them in the pan. Flip after 2 minutes and fry the other side for 2 minutes or until golden brown.
After frying, drain on a paper towel lined plate. Serve with your favorite dipping sauce.