1. Line a large cookie sheet with foil or waxed paper; set aside.
2. In a large mixing bowl combine cornflakes, marshmallows, nuts, raisins, and cherries.
3. In a heavy medium saucepan melt candy coating over low heat, stirring often. Pour melted candy coating over cereal mixture. Stir gently until well coated.
4. Drop mixture by 1/4-cup measure onto the prepared cookie sheet. Flatten mixture slightly to form circles about 2 inches wide. Using the handle of a wooden spoon, make a 3/4-inch hole in the center of each cookie, spreading the cookies to about 3 inches in diameter. When cool, decorate with frosting, if desired. Makes about 15 cookies.