1. Preheat the oven to 350F. Grease and flour a loaf pan (9x5) or a small tube pan.
2. Crush the vanilla wafers into fine crumbs, about 3 cups. A food processor or a zip-top bag and rolling pin both work. Stir the baking powder into the crumbs.
3. Cream the butter and sugar until light and fluffy, about 3 minutes.
4. Add the eggs one at a time, beating well after each.
5. Add the wafer crumbs and the milk alternately, in two or three additions, mixing just until combined.
6. Fold in the pecans and coconut.
7. Spread the batter in the pan and bake for 45 to 60 minutes, until a toothpick in the center comes out clean. Start checking at 45 minutes.
8. Cool in the pan for 10 to 15 minutes, then turn out onto a rack to cool completely.
