In a medium bowl, cream together the peanut butter and butter using a hand mixer until creamy.
Add the powdered sugar, ½ cup at a time, and beat until fully combined. If your mixture feels too dry, add 1 tablespoon of peanut butter at a time until the mixture is crumbly, yet holds together well. If the mixture feels too wet or won't shape easily, add 1 tablespoon of powdered sugar at a time until the right consistency is reached.
Using a generous tablespoon, roll the mixture into 1-inch balls, and place them on the prepared baking sheet.
Place the baking sheet into the freezer and freeze for 20 minutes.
Place the chocolate chips into a microwave-safe bowl and microwave in 30-second intervals, stirring between each interval, until the chocolate is melted.
Add the coconut oil to the chocolate and stir until fully combined.
Remove the peanut butter balls from the freezer and use a toothpick to dip them into the chocolate one at a time, leaving a small circle uncovered on top, to resemble a buckeye. Tap each ball on the side of the bowl to remove any excess chocolate, and line them back up on the baking sheet.
Chill for 10 minutes or until hardened.
Storage: Store Buckeye Candies in an airtight container in the refrigerator for up to 5 days. You can also freeze the Peanut Butter Balls for up to 30 days in a freezer-safe container, but you will want to defrost on a paper towel to absorb any excess liquid from the buckeyes as they defrost.Peanut Butter: For this recipe, shelf-stable creamy peanut butter is best. Chocolate: If your chocolate starts to feel thick in the process of dipping, you can add a touch more coconut oil and heat it up for about 10-15 seconds. Stir and continue dipping.