Line 2 baking sheets with parchment or waxed paper; set baking sheets aside. In a large bowl combine marshmallows, peanut butter cereal, rice cereal, and nuts; set cereal mixture aside.
In a 2-quart heavy saucepan melt candy coating over low heat, stirring constantly until smooth. Remove from heat; pour over cereal mixture. Stir gently to coat. Drop by rounded teaspoons onto prepared baking sheets. Let stand about 1 hour or until set. Store tightly covered for up to 3 days. Makes about 60 pieces.