In a medium-sized mixing bowl combine the peanut butter, softened butter, and half of the powdered sugar. Mix to combine. Add the remaining 1 C of powdered sugar and stir to combine.
Refrigerate about 30 minutes so the mixture is not so sticky and soft.
Line a baking sheet with foil or parchment paper. Roll peanut butter mixture into 1-inch sized balls and place them on the baking sheet. It should make about 30 in total.
Place the baking sheet in the refrigerator for another 30 minutes to set.
In a double-boiler bring the water to a rolling boil. Turn the heat down to low to have a very low simmer on the water under the top boiling pot. Add chocolate to the top of the double-boiler and stir constantly until the chocolate is evenly melted. Do not turn the heat up, it should melt slowly. Once completely melted remove from the water and turn off the heat.
Remove the peanut butter balls from the refrigerator and dip one at a time coat in the melted chocolate. I use two spoons that I rotate back and forth and over the peanut balls as the chocolate coats it.
Place each coated ball back on the lined baking sheet. Let sit at room temperature or in the refrigerator until chocolate hardens.
Store in an air-tight container in the refrigerator. They can store for up to a month or even longer in the freezer. (but NO WAY they are not enjoyed much faster than that)
Keyword chocolate, christmas, holiday, peanut butter, valentine's day