Line a large baking sheet with foil; set aside. Meanwhile, in a large bowl, beat the peanut butter, softened butter, and vanilla extract together with an electric mixer until combined and smooth, about 1 minute. Gradually add in the confectioners' sugar, beating well after each addition until mixture becomes more like wet sand and holds together easily.
Using a cookie dough scoop, scoop out Tablespoon-size balls of the peanut butter mixture and roll in your hand to smooth out. Place on the baking sheet and repeat with remaining truffles. Freeze until firm to the touch, about 30 minutes.
Once truffles are firm, melt the candy coating according to package directions, or until smooth and melted. Use a toothpick to spear the truffle and dip the bottom and sides of the truffle into the chocolate mixture halfway, keeping the top of the truffle exposed. Gently return to the baking sheet and remove the toothpick, using your fingertip to gently smooth out the hole the toothpick left. Repeat with remaining truffles.
Allow chocolate to set before serving. Can be easily doubled, tripled, or even halved.