In a large mixing bowl beat butter (or margarine) with an electric mixer on medium to high speed about 30 seconds or until softened. Add about half the flour. Then add the sugar, milk, and vanilla. Beat until thoroughly combined, scraping sides of bowl occasionally. Beat or stir in remaining flour. Stir in cherries and pecans.Shape the dough into two 8 inch rolls. Roll each dough roll in coconut to coat. Wrap in waxed paper, or plastic wrap, then chill 4 to 48 hours.Cut the dough into 1/4 inch thick slices. Place 1 inch apart on an ungreased cookie sheet. Bake in a 375F oven for 10 to 12 minutes or until done. Remove cookies from the cookie sheet and cool on a wire rack.