Step 1: Melt the 1 pound of chocolate slowly in a double boiler.
Step 2: Cool slightly, then combine with the heavy cream.
Step 3: Stir in the butter and rum and refrigerate until firm but still pliable, about 20 minutes.
Step 4: Transfer to a pastry bag fitted with a large straight tip and pipe into teaspoon size mounds on a sheet of waxed paper, or, alternately, spoon out the teaspoon size mounds.
Step 5: Refrigerate until firm.
Step 6: Working quickly to prevent melting, roll the chocolate into balls, then chill again until firm.
Step 7: In a food processor fitted with a metal blade, pulse the toasted coconut briefly to make it finer to help it adhere better to the truffles.
Step 8: When firm, roll each truffle in the coconut, pressing firmly to make sure the coconut sticks. At this point you can refrigerate the truffles for as much as a day, until you are ready to dip them.
Step 9: Melt the dipping chocolate in a double boiler over hot, not boiling water.
Step 10: Using a wire dipping spoon, or a regular teaspoon and your fingers, dip each truffle briefly into the melted chocolate.
Step 11: Remove to a cake rack set over a cookie sheet until dry, and refrigerate until firm.
Step 12: You may scrape up any chocolate that has dripped to be returned to the dipping pot.
Step 13: The truffles will keep for several weeks if refrigerated in a covered container.
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