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1. Unfold pie crust; press half of the macadamia nuts into dough. Transfer to pie plate.; flute edges and back according to package directions; cool. Set aside.
2. Separate egg yolks from whites; set whites aside for meringue. For filling, in a medium saucepan combine 1/3 cup of the sugar, the cornstarch, and salt. Stir in milk and cream of coconut. Cook and stir over medium heat until thickened and bubbly. Cook and stir for 2 minutes more. Remove from heat. In a small bowl beat egg yolks slightly. Gradually stir about 1 cup of the hot milk mixture into the beaten egg yolks, stirring constantly. Return all of the mixture to saucepan. Cook and stir until bubbly. Cook and stir for 2 minutes more. Remove from heat. Stir in butter. Stir in the 1 cup toasted coconut and 2 teaspoons of the vanilla. Keep filling warm; prepare meringue.
3. For meringue topping, in a medium mixing bowl beat egg whites, remaining 1/2 teaspoon vanilla, and cream of tartar on medium speed of an electric mixer until soft peaks form (tips curl). Gradually add remaining 1/3 cup sugar, 1 tablespoon at a time, beating until stiff peaks form.
4. Pour warm filling into baked pastry shell. Spread meringue evenly over hot filling; seal to pastry edge. Sprinkle with remaining macadamia nuts and 1 tablespoon flaked coconut. Bake in a 350 degree F oven for 15 minutes. Cool on a wire rack for 1 hour. Top with coconut shards. Chill for 3 to 6 hours before serving; cover and refrigerate for longer storage. Makes 8 servings.