In a large mixing bowl, use an electric mixer on medium setting and cream together the butter and sugar. Add the black walnut extract and egg to the butter/sugar mixture and mix on medium setting until fluffy and smooth. Sift the dry ingredients together directly onto parchment or waxed paper; add to the mixing bowl and mix for 1 minute; scrape down sides and mix for 1 minute. Using a spatula, stir the toasted chopped nuts and coconut into the cookie dough, mixing well. Mold the dough into a roll that measures 3" in circumference and wrap in waxed paper. Place cookie dough roll in the refrigerator for at least 8 hours. Slice the cookie dough rolls into slices; place on a cookie sheet at least 4" apart and bake in a conventional oven which has been preheated to 400 °F for 8-10 minutes. Remove cookies from the oven and transfer to a wire rack to cool.