Line a cookie sheet with parchment paper.
Mix together the peanut butter, butter, and vanilla.
Gradually add the powdered sugar, stirring it into the mixture until it is well incorporated.
Roll the mixture into 1-inch balls and place on the prepared sheet. Insert a toothpick into each ball.
Place cookie sheet in the freezer until hard (about 30 minutes).
Combine the chocolate chips and shortening.
Melt by microwaving for 1 minute, stirring, and repeating until smooth and melted.
Use the toothpick as a handle to dip peanut butter ball into the chocolate (leave a small circle uncoated on top of each).
Gently shake off excess and place back on sheet. Refrigerate for several hours until chocolate sets.
Remove toothpicks and smooth over the hole.