In a large bowl mix together the peanut butter, salted butter, and vanilla extract until well combined. Add in the powdered sugar, a little at a time, mixing each time powdered sugar is added until combined.
Mix in the powdered sugar until the mixture holds together well in a giant ball in the mixing bowl. Cover and refrigerate for 15-25 minutes until the mixture has firmed up.
Line a large baking sheet with parchment paper. Remove the dough from the refrigerator and shape the dough into 1-inch balls and place onto the baking sheet.
Place into the refrigerator again for about 15-20 minutes.
Melt the chocolate according to package directions. Dip the peanut butter balls one at a time into the melted chocolate, using a fork or spoon. Let the excess chocolate drip off and place the dipped peanut butter ball onto parchment paper. Repeat until all of the balls are covered.
Optional step: melt about 1lb of white chocolate candy coating according to package directions. Using a fork drizzle the melted white chocolate over the peanut butter balls.
Place into the refrigerator and chill until the chocolate has hardened and ready to serve.