Defrost and prep shrimp.
In one bowl combine shrimp with 1/2 tsp Old Bay Seasoning, set aside.
In another bowl combine 1/4 cup flour and panko bread crumbs with 2 tbsp Old Bay Seasoning.
In a shallow bowl add about half of the coconut plus 1/4 cup flour. (Add more coconut as needed)
Dredge shrimp one by one in flour mixture, then egg, then press down into coconut mixture. Carefully set coated shrimp on small sheet pan. Once all shrimp are coated, freeze for 15-30 minutes or until chilled and coating is better adhered.
If frying, add oil to skillet and preheat to 350°F. Once oil is hot, add shrimp one by one being careful not to crowd them. Once lightly browned on both sides, remove from skillet and drain on a paper towel covered plate.
If air frying, spray cooking basket with cooking spray and preheat air fryer to 350°F. Add shrimp when heated. Cook approximately 4 minutes then depending on your air fryer, rotate basket or gently flip shrimp being careful not to remove coating. Cook for 4 more minutes.
**Red Argentinian shrimp cook faster than other varieties. Cook time will depend on the size and variety of shrimp you buy. Shrimp are finished cooking when internal temperature reaches 145°F on an instant read thermometer or the shrimp is fully opaque.**