Combine the vanilla frosting, peanut butter and butter in a large bowl.
Pulse the graham crackers in a food processor until they become fine crumbs. Stir the graham cracker crumbs into the peanut butter mixture.
Using your hands, form 1/2 inch balls out of the peanut butter mixture. Place them on a cookie sheet lined with parchment paper or wax paper. Chill in the refrigerator at least 1 hour.
In a saucepan over very low heat, melt the chocolate, stirring constantly. Add coconut oil as needed to thin it out. Using a fork, carefully dip the peanut butter balls into the chocolate. Let the excess chocolate drip off and then place back onto the prepared baking sheet.
If decorating, apply the decoration quickly before the chocolate has a chance to set. Place the baking sheet back into the refrigerator to let the chocolate set completely. Store in the refrigerator.