1. Toast coconut on pan at 325 degrees F until golden, 18 minutes, stirring. Cool.
2. Mix jam, rum and extract in bowl. Add 2 cups coconut, wafers. Cover; let stand 1/2 hour.
3. Crush remaining coconut in plastic bag with rolling pin. Spread coconut on waxed paper.
4. With damp hands, shape wafer mixture into 1-inch balls. Roll in coconut. Air-dry 24 hours.