In a sauce pan mix the chocolate chips with 1 cup of the sweetened condensed milk.
Heat over medium heat, stirring constantly until the chocolate is melted and the mixture is smooth. Remove from heat.
Spread half the chocolate mixture into an eight-inch square pan lined with wax paper and chill 10-15 minutes.
While the first chocolate layer is chilling. Mix the vanilla candy coating or vanilla chips with the remaining condensed sweetened milk over low heat. Stirring constantly until smooth.
Stir in the peppermint extract and food coloring.
Spread the mint mixture over the first chocolate layer and chill another 10-15 minutes.
Warm the remaining chocolate mixture if necessary and then spread over the mint layer.
Chill until firm.
Remove the mint candy from the pan and cut into 1-inch squares.