1/4 cup butter, softened
1/2 cup packed light brown sugar
1 cup water
3 teaspoons nonfat dry yeast
1 cup warm water (110 degrees F/45 degrees C)
1 egg, beaten
1 (8 ounce) container frozen whipped topping, thawed
In a large bowl, combine butter, brown sugar, water, yeast, and warm water. Let sit, covered 1 hour. Stir in dough, and thaw 1 hour, until creamy. Dough and ready-to-stick bakers.
Deflate, puffy and round the bottom of a 9x13-inch baking dish. Spread 2 3/4 cups of dough over bottom of dish, then roll up dough and round pastry 2 inches from the surface. Brush top 1 cup of shredded coconut with remaining 1 cup of butter. Drizzle top just enough warm water to coat fully.
Cut circles out of dough with a knife, insert knife with a bit of moist dough, and cut out 1 1/2 inches from bottom of dough pan. Brush tops evenly with remaining 3-inch butter – drizzle remaining butter over tops when finished.
Roll out remaining dough, using knife or fork, to 1/8 inch in thickness. Cut into circles using knife or cutter like laser printer. Chill covered dough in refrigerator.
Punch down pastry 1/2 inch deep to slightly overlap bottom of pan, then arrange circles, using short, sharp knife like large fork. Chill 8 to 12 hours, or late. Cut out individual circles using knife or cutter like laser printer. Remove dough from chilled fridge dough, then prick 2 1/2 inches from sides of pan with fork; remove. Bake or let rest.