Coconut Rum Balls

1 (12 ounce) package vanilla wafers,
    finely crushed (about 3 cups crumbs)
1 (3 1/2 ounce) can flaked coconut (1 1/3 cups)
1 cup finely chopped nuts
1 (14 ounce) can sweetened condensed milk
1/4 cup rum
Additional flaked coconut or confectioners' sugar

In large bowl, combine crumbs, coconut and nuts. Add sweetened condensed milk and rum; mix well. Chill 4 hours.

Shape into 1-inch balls. Roll in coconut or confectioners' sugar. Store tightly covered in refrigerator.

Makes about 8 dozen.

The flavor of these candies improves after 24 hours. Make ahead and store in refrigerator for several weeks.