In a large bowl, cream together margarine and butter. Gradually add sugar and almond essence. Mix on high speed for 10 minutes.
In a small bowl, dissolve the baking powder with the boiling water, adding the water a little at a time. Add this to the butter mixture.
Stir in the flour and coconut. Mix well.
Drop biscuits from a teaspoon onto a well greased baking tray. Bake biscuits in preheated oven for 9 to 11 minutes. Biscuits should be set but not brown. Let biscuits cool on the baking tray for a few minutes before removing.