Combine honey, peanut butter, non-fat dry milk, and cereal.
Spread coconut evenly on wax paper or plastic wrap. Shape dough into small balls and roll in coconut to coat.
Place balls on plastic wrap and refrigerate.
White Karo syrup may be used in place of the honey or substitute 1/2 honey and 1/2 Karo syrup.
Note: wax paper, parchment paper, plastic wrap or aluminum foil may be used interchangeably for this recipe.