Mix togehter butter and peanut butter until well blended. Beat in powdered sugar.
Refrigerate until candy is easy to handle. Shape into 1 1/2 inch balls.
Melt together chocolate and shortening.
Using a toothpick, dip peanut butter balls into chocolate about 3/4 of the way, leaving peanut butter showing at the top to resemble a 'buckeye'.
Dry on wax paper lined surface at lease 6 hours.