Allow the butter to soften and then add it to a large mixing bowl with peanut butter, vanilla, and half the powdered sugar.
Using a hand mixer or spoon, mix the ingredients together.
Add in the remaining half of the powdered sugar and mix to combine. The peanut butter mixture should be a dough like consistency that can hold its shape. If you find it is dry, add a small amount of peanut butter. If it is too loose and loses its shape, add more powdered sugar.
Line a cookie sheet with wax or parchment paper.
Use a spoon or ice cream scoop to get roughly uniform amounts of peanut butter. Use your hands to roll the peanut butter mixture into balls.
Once you have used up all your peanut butter, place the tray in your fridge and allow to chill for about a half hour.
Place the chocolate chips and coconut oil in a microwave safe bowl. Heating in increments of 30 seconds, heat the chocolate chips and stir them together. Repeat until you have a smooth melted chocolate.
Using a candy spoon or fork, dip and roll the peanut butter balls in the chocolate.
Set the coated ball back on the tray and repeat until you have fully covered all your balls.
Place in the fridge and allow to set before serving.