In a large mixing bowl, beat together the peanut butter, softened butter, and vanilla extract until smooth.
Gradually add the powdered sugar and mix until a thick, dough-like consistency forms.
Roll tablespoon-sized portions of the peanut butter mixture into balls and place them on a parchment-lined baking sheet.
Refrigerate the balls for at least 30 minutes, or until firm.
In a microwave-safe bowl, melt the chocolate chips and coconut oil in 30-second intervals, stirring after each interval until smooth.
Using a fork or dipping tool, dip each peanut butter ball into the melted chocolate, letting the excess drip off.
Place the coated balls back onto the parchment-lined baking sheet.
Refrigerate the coated peanut butter balls for 20-30 minutes, or until the chocolate is fully set.
Store in an airtight container in the refrigerator for up to 1 week.