In a large bowl mix together the peanut butter, vanilla , butter,and confectioner's sugar. The dough will look dry.
Roll into 1 inch balls and place on waxed paper-lined cookie sheet. Press a toothpick into the top of each ball ( to be used later as the handle for dipping) and chill in freezer until firm, about 30-60 min )
Melt chocolate chips and paraffin in a double boiler or in a bowl set over a pain of barely simmering water. Stir frequently until smooth.
Dip frozen peanut butter balls in chocolate holing onto the toothpick. Leave a small potion of peanut butter showing at the top to make them look like buckeyes. Put back on the cookie sheet and refrigerate until serving.
There are easy to make and the children love to help through the whole process: forming balls and dipping plus quality control tasting.