Combine powdered sugar, peanut butter, butter and vanilla until dough-like consistency. Knead until all sugar is blended throughly. Form into balls the size of a small buckeye.
In a double boiler melt chocolate chips with the parffin. Using a toothpick in the top of the candy ball, dip into chocolate leaving the top uncovered to look like a buckeye.
Place balls on waxpaper on a cookie sheet as you make them and put back on waxpaper after they are dipped.