Line a large rimmed baking sheet with parchment or wax paper. Set aside.
In a large mixing bowl, beat together the crushed crackers, peanut butter, butter, powdered sugar and vanilla. Blend on medium until combined. The mixture may appear dry, but keep beating until it forms a soft, but cohesive, dough.
Using a small cookie scoop, roll dough into 1¼ inch balls and place on the prepared baking sheet. Freeze until the dough balls are firm, about 1 hour.
Microwave 1 cup of the semisweet chocolate chips in a bowl on 50% power, stirring halfway through, until melted, about 1½ to 2 minutes. Using a toothpick, dip chilled balls into the melted chocolate, leaving the top third of the balls uncovered. Return the Buckeyes to the lined baking sheet and refrigerate until the chocolate is set, about 1 hour.
Notes
Buckeyes can be refrigerated for up to 1 week. They can also be frozen for up to 1 month and are perfectly edible straight from the freezer! Just saying 🙂
I find it best to place the bowl of melted chips inside another similar sized, but larger bowl half filled with hot water. Because we’re dipping cold, frozen balls of dough, the chocolate cools quickly and it’s much harder to coat the balls. Keeping the chocolate warm makes the process go a lot quicker. Take care not to over microwave the chocolate as it can seize up and harden.