In a medium bowl, mix peanut butter, softened butter, vanilla extract, and confectioners' sugar with hands to form a smooth stiff dough. Shape into balls using 2 teaspoons of dough for each ball. Place on prepared pan, and refrigerate.
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Remove balls from refrigerator. Insert a wooden toothpick into a ball, and dip into melted chocolate. Return to wax paper, chocolate side down, and remove toothpick. Repeat with remaining balls. Refrigerate for 30 minutes to set.
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