Cream the base. In a large bowl, beat the peanut butter and softened butter until smooth and fluffy.
Add vanilla and salt, and mix until combined.
Add powdered sugar gradually. Mix in 3 cups of powdered sugar, about 1/2 cup at a time. The dough should be thick and rollable, not sticky. If needed, add up to 1/2 cup more sugar until it feels like Play-Doh.
Roll into balls. Scoop 1-tablespoon portions and roll into smooth balls.
Place them on a parchment-lined baking sheet.
Chill to firm. Refrigerate for 30–45 minutes, or freeze for 15–20 minutes, until the balls are firm but not rock-hard. This helps them hold their shape when dipping.
Melt the chocolate. Place chocolate and coconut oil (if using) in a microwave-safe bowl. Microwave in 20–30 second bursts, stirring between each, until smooth.
Or melt in a heatproof bowl over barely simmering water.
Dip the buckeyes. Stick a toothpick into the top of each peanut butter ball. Dip into the chocolate, leaving a small circle of peanut butter visible on top to look like a buckeye nut. Let excess chocolate drip off, then place back on the tray.
Smooth the toothpick holes. Use a fingertip or the back of a spoon to gently smooth over the toothpick mark while the chocolate is still soft.
Set the chocolate. Chill the dipped buckeyes for 20–30 minutes until the chocolate is firm.
Once set, transfer to an airtight container.