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Preheat oven to 400F.
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Mix the peanuts and coconut together and then divide into three bowls.
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Put the beaten eggs and flour each in other bowls.
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Grease a baking sheet.
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Working in three batches, dip each shrimp into the flour, then into the egg, then into the peanut-coconut mixture, pressing the shrimp into the mixture to coat both sides.
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Once each batch of the peanut-coconut mixture is finished, replace it with the next batch.
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Lay each coated shrimp onto the baking sheet.
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Once all of the shrimp are coated and on the sheet, spray with cooking oil and put into the oven.
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Bake at 400F for around 20 minutes, turning once. Watch closely.
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If you’re frying the shrimp, fry in batches, watching closely - they’ll burn easily!
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Fry in a heavy skillet in around 1/2 inch of oil, flipping once. When done, remove from oil and drain on paper towel.