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Bring piloncillo, canela, cardamom, allspice, peppercorns, salt, and 1 cup water to a boil in a small saucepan. Reduce heat, cover, and simmer 15 minutes. Add orange zest; let cool.
Strain spiced syrup through a fine-mesh sieve into a measuring glass; discard spices. (You should have about 1 cup.)
To make 1 drink, pour 1 cup cold-brew coffee into an ice-filled glass. Stir in 2–3 Tbsp. spiced syrup; top with 2–3 Tbsp. coconut milk.
Do ahead: Syrup can be made 1 week ahead. Cover and chill.