In a 10-inch skillet, melt the butter over medium heat. Stir in the sugar and dates; remove from heat. Stir in the egg. Return to the heat; continue cooking over medium heat, stirring constantly, for 4 to 6 minutes until the mixture comes to a full boil. Boil, stirring constantly, for 1 minute; remove from heat. Stir in rice cereal, 1 cup coconut, cherries and vanilla extract until moistened. Let stand for 10 minutes. Shape rounded teaspoonfuls of dough into 1-inch balls. Roll each ball in the remaining coconut.