Cream: In a large bowl or stand mixer, whip the softened butter and powdered sugar together until smooth. Add the vanilla extract.
Mix: Add the peanut butter, coconut, and graham cracker crumbs. Mix on medium speed until fully combined and a stiff dough forms.
Shape: Roll the dough into 1-inch balls. Place them on a baking sheet lined with parchment paper.
Insert Toothpicks: Insert a wooden toothpick into the center of each ball.
First Freeze: Place the tray in the freezer for 1 hour to 1.5 hours. The balls must be frozen solid.
Dip: Melt the chocolate (and oil/wax if using) in a microwave-safe bowl. Remove balls from freezer. Holding the toothpick, dip each ball into the chocolate, leaving a small circle of peanut butter exposed at the top (optional).
Second Freeze: Return the dipped balls to the parchment-lined tray. Place back in the freezer for 30 minutes to set the chocolate.
Serve: Remove toothpicks and smooth the hole if desired. Store in an airtight container in the fridge or freezer.