Preheat oven to 350°
Slice french bread into about ¾ inch slices. Place onto a large baking sheet. Bake for 15 minutes until lightly golden and toasted.
While bread is toasting, place water, piloncillo (or brown sugar), cinnamon sticks, and whole cloves in a sauce pan over medium heat. Cook until piloncillo or sugar is melted and syrup has simmered, about 15 minutes. Remove cinnamon sticks and cloves.
Arrange a layer of toasted bread in a 13x9 baking dish. Top with ¼ cup raisins, ¼ cup pecans, and half of the coconut. Pour ¾ cup of syrup on top.
Repeat process one more time, leaving 1/4 cup syrup to the side for serving if preferred. This is not how it is typically served but makes for a great presentation and for a little extra delicious syrup.
Bake for additional 15 minutes to give time for the bread to absorb the syrup.
Serve with a hot cup of coffee or a cold glass of milk. This can be enjoyed warm or cold!