In a medium bowl, cream together the peanut butter and butter until light and fluffy. Mix in the vanilla extract.
Sift in the powdered sugar. Using a hand mixer, mix until fully incorporated.
Line 2 baking sheets with parchment paper.
Scoop the peanut butter mixture using a medium cookie scoop. Form into balls using your hands and return to the baking sheet.
Place peanut butter balls in the freezer for at least 30 minutes to harden.
In a medium microwave safe bowl, microwave the chocolate chips and coconut oil, mixing every 30 seconds until smooth.
Using a fork, dip the peanut butter balls into the melted chocolate and return to the baking sheet. Place baking sheet in the fridge until the chocolate has hardened.