Preheat oven to 425 F. Line a rimmed 17x11 baking sheet (with sides) with aluminum foil. Cover the sheet with 40 Saltine crackers, arranged in a single layer.
40 Saltine crackers
Spread the shredded coconut in a single layer on top of the saltine crackers.
2 cups unsweetened coconut flakes
Add butter and sugar to a heavy-bottomed pot, at least 2 quarts in size. Attach a candy thermometer to the pot.
1 cup salted butter, 1 cup granulated sugar
Bring to a simmer over medium-low heat, stirring frequently to dissolve the sugar.
Increase heat to medium-high. Once the candy starts boiling, stir occasionally, slowly and evenly, until the candy reaches 290 F to 300 F. This is the "hard crack" stage on a candy thermometer.
Immediately remove the pan from heat once the temperature reaches 290 F. Stir in the coconut extract.
1 teaspoon coconut extract
Pour the mixture evenly over the Saltine crackers and coconut flakes. Spread the toffee mixture with a spatula to cover evenly.
Bake in preheated oven for 4-5 minutes, or until just bubbly.
Remove from oven and immediately add chocolate chips, sprinkling evenly across the toffee. Use a spatula to spread the chocolate evenly once the chips begin melting. Add the remainder of the coconut flakes, sprinkling evenly over the top of the chocolate.
2 cups semi-sweet chocolate chips
Place the candy in the refrigerator and let cool completely. Give it at least 2 hours.
When ready to eat, lift the aluminum foil out of the baking dish and place the toffee on a cutting board.
Use a knife to gently cut it into smaller pieces. I try to cut into Saltine-sized squares, but you will likely wind up with some uneven pieces.