In a large bowl, mix peanut butter, softened butter, and powdered sugar until smooth and firm.

Roll the mixture into small balls and place them on a parchment-lined baking sheet.

Chill/freeze the peanut butter balls for at least 10 minutes to firm up.

Melt the chocolate with shortening or wax until smooth.

Using a toothpick, dip each ball into the chocolate, leaving a small circle of peanut butter exposed on top—just like a real buckeye.

Place back on parchment and allow the chocolate to set completely in the refrigerator or freezer.