In a big bowl mix together peanut butter, butter, & powdered sugar with hands until no longer sticky. Roll into 1 inch balls and place on cookie sheet, covered with wax paper.
Chill at least a half hour.
Next, melt wax in a 2-quart sauce pan, then add chocolate, stir together until melted. Remove from heat and dip peanut butter balls into chocolate using a fork inserted into top (do not cover whole ball with chocolate). Leave a small open area at the top showing the peanut butter (to look like a Buckeye). Place on wax paper to let harden and cool.