Melt butter in a 10-inch skillet over medium heat. Add sugar and dates to the melted butter; stir until the sugar dissolves, 1 to 2 minutes.

Remove skillet from heat, add egg, and stir quickly to prevent the egg from cooking.

Return skillet to medium heat and cook, stirring constantly, until the mixture comes to a full boil, 4 to 6 minutes; cook at a boil, stirring constantly, for 1 minute more.

Remove skillet from heat. Stir rice cereal, chopped coconut, chopped cherries, and vanilla extract with the dates. Let mixture cool until beginning to firm, about 10 minutes.

Shape mixture by rounded teaspoonful into 1-inch balls. Spread flaked coconut into a wide, shallow dish and roll balls in the coconut to coat.