In medium bowl combine egg, 1/2 cup flour, beer and baking powder. Place 1/4 cup flour and coconut in separate bowls. Hold shrimp by the tail, dredge in flour, shaking off excess. Dip in egg batter, allow excess to drip off. Roll shrimp in coconut and place on baking sheet lined with wax paper. Refrigerate for 30 minutes. Heat oil to 350 in deep fryer or saucepan. Fry shrimp in batches, turning once, for 2-3 minutes or until golden brown. Use thongs to remove shrimp. Serve warm with dipping sauce.