Preheat the oven to 350F. In a medium-sized bowl, with an electric beater on medium speed, beat the sugar, egg, vanilla, and food color until well blended. Beat in the flour until smooth, then fold in the coconut. Drop by heaping teaspoonfuls 2 inches apart onto cookie sheets that have been coated with nonstick baking spray. With a floured thumb, press an indentation into the center of each cookie mixture to create a "nest". Bake for 10 to 12 minutes, or until the edges are golden. Remove from the oven and gently push 2 jelly beans into each nest. Let the nests cool slightly on the cookie sheets, then remove to wire racks to cool completely. Store in airtight containers.