To toast coconut, sprinkle in ungreased heavy skillet. Cook over medium-low heat 6 to 14 minutes, stirring frequently until browning begins, then stirring constantly until golden brown. Remove from heat; cool.
In medium bowl, place chocolate chips. In 1-quart saucepan, heat whipping cream to simmering. Remove from heat and pour over chocolate chips; let stand 2 minutes. Stir until chocolate is melted. Stir in almond paste and coconut extract until well blended. Cover; refrigerate 3 hours or until firm.
Line cookie sheets with cooking parchment or waxed paper. In shallow bowl, mix almonds and reserved coconut. Shape chocolate mixture into 40 (1 1/4-inch) balls; roll in coconut mixture, pressing to adhere. Place on cookie sheets. Cover; refrigerate 1 hour or until firm. Store tightly covered in refrigerator.