Combine peanut butter, sugar, butter, and vanilla in a medium-sized bowl.
Stir until fully mixed and smooth.
Add pretzels, and mix well.
Form into small balls (about 1” diameter).*
Place on wax paper lined plate or tray.
Freeze for 1 hour
Place chocolate and coconut oil in a small bowl.
Microwave on high in 20 second intervals, stirring at each, until melted.
Remove tray of peanut butter balls from freezer.
Place one peanut butter ball in chocolate at a time, tossing with a fork until fully coated.
Gently shake off excess chocolate.
Return coated peanut butter ball to waxed paper-lined plate.
If topping with peanuts, sprinkle immediately after dipping in chocolate.
When all are coated, place plate in refrigerator.
They should set in 5 minutes or less. Store leftovers in refrigerator.