In a medium bowl, mix: peanut butter, butter, vanilla, and confectioners’ sugar
Shape into balls using 2 teaspoons of dough for each ball.
Place on prepared pan, and refrigerate for 20 minutes.
Melt shortening and chocolate together in a metal bowl over a pan of lightly simmering water or use a double boiler. If melting in a microwave, warm on half power in 30 second increments. Stir occasionally until smooth, and remove from heat.
Remove balls from refrigerator. Insert a wooden toothpick into a ball, and dip into melted chocolate. Return to wax paper, chocolate side down, and remove toothpick. Repeat with remaining balls. Refrigerate for 30 minutes to set.