Line a baking sheet with waxed paper; set aside.
In a medium bowl, mix peanut butter, butter, vanilla, and confectioners’ sugar to form a smooth stiff dough.
Shape into ping pong sized balls.
Place on wax paper, and refrigerate or place in the freezer for 30 minutes
Melt shortening and chocolate together on stove top over low heat.
Stirring constantly until smooth, and remove from heat.
Insert a wooden toothpick into a ball, and dip into melted chocolate.
Refrigerate for 30 minutes to set.