Put the chocolate in a double boiler set over simmering water. Melt the chocolate, stirring, until smooth. Stir in the cherry extract.
Use a liquid measuring cup to pour the chocolate into a coin-shaped chocolate mold, filling all the way to the top. Use a bench scraper to level and remove the excess chocolate. Place the mold flat in the freezer and freeze until solid, about 15 minutes.
Pop the chocolates face-up onto a piece of parchment paper. Use a small, soft paintbrush to brush the surface of half the coins with the luster dust, making an even coat – this way some are "wrapped" and some are "unwrapped."