Melt candy coating and chocolate morsels in a heavy saucepan over low heat, stirring constantly. Remove from heat; stir in peanuts. Drop mixture by tablespoonfuls onto wax paper-lined baking sheets. Chill until firm.
Note: For ease, microwave vanilla candy coating and chocolate morsels in a 1-quart microwave-safe bowl at HIGH 2 to 3 minutes or until chocolate melts, stirring twice.