Using a hand mixer, cream together the softened butter and peanut butter.
Add in the vanilla and powdered sugar, and mix on low until well combined. (It should be clumping together).
Pinch off a tablespoon sized piece and roll in your hands into a little ball. Place on a parchment paper lined sheet pan, and repeat until all of the butter mixture is used. Chill in freezer for 20 minutes.
Add chocolate and coconut oil to a medium bowl and melt in microwave. (Do 30 seconds, stop and mix and then 30 more seconds and mix. Repeat until melted). Let cool at room temp until balls are chilled.
Use a toothpick or skewer to dip the peanut butter balls into the chocolate, leaving a bit of the top exposed. Carefully place the dipped ball back onto the sheet pan and remove the toothpick. Repeat until all are dipped.
Use a butter knife to patch up and smooth over the holes in the top of the buckeyes. Chill for 15 minutes to allow the chocolate to firm up and then enjoy.