Preheat oven to 300 degrees F. Arrange bread cubes in a single layer in a shallow baking pan. Bake for 10 to 15 minutes or until golden brown, stirring once. Increase oven temperature to 350 degrees F. Place bread cubes in an ungreased 2-quart square baking dish. Sprinkle raisins, pecans, and coconut over bread cubes; set aside.
In a large bowl whisk together milk, sugar, eggs, butter, vanilla, cinnamon, and nutmeg. Pour egg mixture over bread mixture. Use the back of a large spoon to gently push down on the bread cubes, making sure the bread absorbs the egg mixture.
Bake about 50 minutes or until top is evenly puffed. Cool on a wire rack for 30 to 45 minutes. Serve warm. If desired, serve with Whiskey Sauce.
In a medium saucepan combine sweetened condensed milk, evaporated milk, and egg yolks. Whisk mixture over medium heat for 6 to 8 minutes or until mixture is slightly thickened and just begins to boil. Remove from heat. Stir in whiskey. Cover and keep warm.