In a medium bowl, mix together sweetened condensed milk, powdered sugar, salt and vanilla extract. Stir in the coconut.
Mix well, so coconut is coated with milky mixture. Allow to set in the freezer for 30 minutes.
Line a baking sheet with parchment or wax paper. Shape coconut mixture into egg shapes, working quickly. The warmth from your hands may make the sticky mixture hard to work with.
Place eggs on parchment or wax paper. Once you've shaped all the eggs, return the pan to the freezer for 30 minutes.
Melt chocolate chips over a double boiler (or in the microwave, being careful to follow the instructions on the bag). Stir to ensure the chocolate doesn't burn or seize. Be careful that you don't get water in the mixture. You may add some shortening or vegetable oil, about 1/2 teaspoon, to thin the melted chocolate.
Once chocolate has melted, dip the coconut Easter eggs, covering completely. Lift the Easter eggs out of the chocolate using a fork, letting the excess chocolate drip back into the bowl.
Cool on a baking sheet lined with parchment or wax paper. Allow to harden completely before transferring to an airtight container.
If you like, you can decorate the peanut butter Easter eggs with melted candy.
Melt candy melts in the microwave, following the instructions on the bag. You can thin the candy melts with shortening or vegetable oil. (See the instructions on the bag for exact measurements.)
Transfer to a pastry bag or a small zippered bag. Trim the tip of the bag, then drizzle candy melt over the Easter eggs.
Repeat with additional colors of candy melts.