In large mixer bowl beat butter or margarine till soft. Add sugar and beat till fluffy. Add milk and vanill and beat well. Add flour and beat until well mixed. Stir in cherries and pecans. Shape into three 7" rolls. Roll in coconut to coat. Wrap and chill for several hours or overnight. Cut into 1/4 inch slices. Place on ungreased cookie sheet. Bake in a 375 degree oven about 12 minutes or till done. Remove and cool. Makes about 80.