Cream the butter until smooth.

Gradually add the sugar to the creamed butter and mix until light and fluffy.

Add the eggs one at a time, beating well after each addition.

Crush the vanilla wafers into fine crumbs.

Add the crushed vanilla wafers to the batter along with a little milk.

Mix well to combine.

Incorporate the flaked coconut and chopped pecans (or mixed nuts) into the batter.

Mix everything thoroughly.

Line the bottom of a tube cake pan with wax paper.

Pour the cake mixture into the prepared pan.

Bake in a preheated oven at 325°F (160°C) for 1 1/2 hours, or until a toothpick inserted into the center comes out clean.

Let the cake cool in the pan for 10 minutes on a wire rack.

Invert the cake onto a serving plate.