In a large bowl, cream together the peanut butter and butter until light and fluffy. Mix in the vanilla.
Sift in the powdered sugar. Using a hand mixer, mix together all of the ingredients until fully combined.
Line 2 baking sheets with parchment paper.
Using a medium cookie scoop, scoop the peanut butter balls into your hands. Smooth the dough into a ball using your hands and place on the parchment paper.
Freeze the peanut butter balls until hardened, around 30 minutes.
In a microwave safe bowl, microwave the chocolate chips and coconut oil in 30 second intervals, mixing until smooth.
Place a toothpick in the hardened peanut butter balls. Holding the toothpick, dip the peanut butter ball into the melted chocolate.
Return to baking sheet and remove the toothpick. Using a butter knife, smooth the toothpick mark off.
Allow the chocolate to harden before eating, either at room temperature or in the fridge.