Prep a sheet pan by lining it with parchment paper.
In the bowl of a stand mixer, cream together the softened vegan butter and peanut butter. Add the vanilla extract and mix.
Add the powdered sugar one cup at a time and mix until well combined. Scrape the sides of the bowl and mix again.
Use your hands to roll the dough into balls, about 1 tablespoon worth. Place in the freezer for 20-30 minutes.
Meanwhile, combine the chocolate chip and coconut oil in a bowl. Microwave for 30 minutes and stir. Place back in the microwave and repeat until melted and creamy.
Stick a toothpick in each peanut butter ball. Dip in the melted chocolate leaving a circle around the top that doesn't have chocolate. Tap the toothpick on the side of the bowl to shake off the excess chocolate. Place on a parchment lined baking sheet. For best results, work in batches. Leave the peanut butter balls in the freezer while you're working on smaller amounts.
Repeat until all the balls have been dipped. Place in the freezer for 10-15 minutes. to set. Remove the toothpick.
Plate and enjoy!
Notes
To fix the hole from the toothpick, use a wet finger to rub over it. Or, use a little leftover peanut butter dough to cover it up which is what I prefer to do.
When microwaving the chocolate, don't overcook it or it will seize up and get hard instead of the creamy consistency you're looking for. Go slow, microwaving 30 seconds at a time and stirring in between.
Keep the peanut butter balls cold! Work in small batches and leave the remaining peanut butter balls in the fridge or freezer. Once they start to warm up, they can slide off the toothpick.
Store in an airtight container in the fridge for up to a week. You can also freeze them for longer storage.