In a bowl, add and heat the cream, butter, extract and 8 ounces of the white chocolate in microwave at medium power at 30-second intervals. Make sure to stir in-between intervals to avoid scorching. Continue on 30-second intervals, stirring in-between until chocolate is smooth and melted. Fold in the sifted powdered sugar. Cover bowl and pop it into the refrigerator for about 1 1/2 hours.
Place a cooling rack over 1 baking sheet. Cut a piece of parchment paper to fit the inside of another baking sheet. Melt the remaining chocolate in the microwave. Take out the cooled and semi-hardened truffle mixture. Using a tablespoon, scoop out enough to make a ball, about 1- ounce in size. Lay the ball onto the rack. Continue the process until all of the truffle mixture is gone. You should have about 16 truffles.
Using a pastry brush, "paint" on the melted chocolate and place on the parchment covered cookie sheet. Designate a hand to use only for the sprinkling of coconut. Before moving onto painting the next truffle, use your "sprinkle hand" to decorate the truffle. Continue alternating between painting and sprinkling until you are done. Refrigerate for 1 hour.