HEAT oven to 350ºF. Beat shortening, sugar, brown sugar and vanilla extract in large bowl on medium speed of electric mixer until light and fluffy. Add peanut butter, eggs and water; mix well.
COMBINE flour, baking soda and salt in large bowl. Stir in oats. Gradually add to peanut butter mixture until well blended. Stir in chocolate chips. candy coated chocolate pieces and coconut. Cover and chill 30 minutes.
DROP by heaping tablespoonfuls, 2 inches apart, onto ungreased cookie sheets. Flatten to 2-inch circles. Bake 10 to 12 minutes or until light brown around edges. Cool 2 minutes before removing to wire rack to cool completely.
VARIATION JUMBO PEANUT BUTTER MONSTER COOKIES: Prepare cookie dough as directed above. Drop by 1/4-cupfuls, 3 inches apart, onto ungreased cookie sheets. Flatten to 3-inch circles. Bake 13 to 15 minutes or until light brown around edges. Makes 1 1/2 dozen.