In a mixing bowl, combine the peanut butter and softened unsalted butter. Using an electric mixer, blend until the mixture is smooth and creamy.
Gradually add the powdered sugar and vanilla extract to the peanut butter mixture. Continue mixing until fully combined and thick.
Scoop out tablespoon-sized portions of the mixture and roll them into balls. Place on a parchment-lined baking sheet and chill for about 30 minutes.
Melt the semisweet chocolate chips with coconut oil in a double boiler or microwave until smooth.
Dip each peanut butter ball into the melted chocolate, leaving a small portion visible on top. Shake off excess chocolate and return to the baking sheet.
Let the chocolate set at room temperature or refrigerate for about 15-20 minutes until firm.
