Preheat the oven to 350 degrees F. Spread the coconut flakes evenly over a baking sheet and toast in the oven until golden brown, about 5 minutes. (Be careful not to walk away, it can burn quickly!) Remove from the oven and transfer to a bowl to cool.
To one double boiler, add the semi-sweet chocolate and 2 tablespoons of coconut oil. To a second double boiler, add the white chocolate and 2 tablespoons of coconut oil. Place both boilers over medium heat. Stir each chocolate until melted and smooth.
Turn the heat down to medium-low under each boiler. Then, add the coconut extract to the semi-sweet chocolate and stir to combine. Add the peppermint extract to the white chocolate and stir to combine.
Line two baking sheets with parchment paper. Set aside.
Dip a marshmallow into the semi-sweet chocolate and then sprinkle with the toasted coconut. Place the marshmallow onto one of the lined baking sheets with the chocolate/coconut side facing up. Continue until one bag of marshmallows has been dipped and topped.
Using the second bag of marshmallows, dip a marshmallow into the white chocolate and sprinkle with crushed peppermint candies. Place it on the second baking sheet with the chocolate/peppermint side facing up. Repeat until all the marshmallows have been dipped and topped.
Allow to cool in the fridge or freezer until the chocolate is hardened and set up. Store in an airtight container in the fridge until ready to serve.
Notes
If you don't have double-boiler pots, place a glass or metal bowl over a pot with 1 to 2 inches of simmering water. (The water should not touch the bottom of the bowl.) Just be careful, as the glass/metal will get hot.