Beat the butter and peanut butter together with a mixer.
Gradually add in the powdered sugar and mix well.
Stir in the crispy rice cereal with a spoon. You may need to use your hands to get the cereal all mixed in well.
Shape the peanut butter mixture into 1 inch balls and place them on a wax paper lined cookie sheet. Freeze for 30 minutes to one hour.
In a saucepan over low heat or in a double boiler melt the chocolate chips and candy coating.
Using a fork dip the peanut butter balls into the melted chocolate. Let the excess chocolate drip off and then return to the wax paper lined cookie sheet.
Let the bonbons sit until the chocolate coating is set.