In a large bowl, use a hand mixer to combine the creamy peanut butter, unsalted butter, vanilla extract, and powdered sugar. Mix to form a crumbly peanut butter dough.
Roll the mixture into 1-inch balls and arrange them on a baking sheet lined with parchment paper or wax paper. For easier dipping, insert a toothpick into the center of each ball. Chill the peanut butter balls in the refrigerator for at least 30 minutes to firm up before adding the chocolate coating.
Melt the semi-sweet chocolate chips and coconut oil in a microwave-safe bowl or double boiler. Stir until smooth.
Dip each chilled ball into the warm chocolate. Let any excess chocolate drip off before placing the dipped ball back on the prepared baking sheet.
After dipping the peanut butter balls in the chocolate coating, you can remove the toothpicks and drizzle additional chocolate over the top for a decorative touch. For extra decorations, drizzle with melted white chocolate, sprinkle with unsweetened coconut, or top with crushed Reese’s peanut butter cups for a fun and tasty topping.
Refrigerate until the coating hardens. Transfer to an airtight container or freezer-safe container until ready to serve.