Spread the coconut on a rimmed baking sheet and toast, stirring occasionally, until golden brown, about 5 minutes; set aside to cool.
Meanwhile, whisk together the flour, baking soda, cinnamon, salt and nutmeg in a medium bowl.
Beat the butter, brown sugar and granulated sugar in a large bowl using an electric mixer on medium speed until creamy. Beat in the eggs, one at a time, until incorporated. Beat in the milk and vanilla until blended. Reduce the speed to low and gradually beat in the flour mixture. Beat in the oats, peanuts, raisins, chocolate chips and toasted coconut.
Drop the dough by heaping tablespoons onto ungreased baking sheets. Bake, rotating the baking sheets halfway through, until golden brown, about 12 minutes. Cool the cookies on the baking sheets for 3 to 5 minutes and then transfer to wire racks to cool completely.
When measuring flour, we spoon it into a dry measuring cup and level off the excess. (Scooping directly from the bag compacts the flour, resulting in dry baked goods.)
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