Prepare a workspace with 2-3 large sheets of wax paper, heavy rubber gloves, and kitchen scissors.

Combine sugar, corn syrup, and water in a medium saucepan over medium-high heat.

Cook the mixture, stirring occasionally, until a candy thermometer reads 300∘F (hard crack stage).

Remove from heat and immediately pour the hot syrup over the peanut butter.

Mix quickly until the peanut butter and syrup are completely incorporated.

Pour the mixture onto the wax paper sheets.

Roll the hot candy into long, thin ropes using your rubber gloves to protect your hands.

Snip the ropes into bite-sized pieces with scissors immediately while the candy is still hot.

Let the candy pieces cool and set for several hours or overnight.

Melt the chocolate coating wafers and dip each piece to cover.

Place on parchment paper until the chocolate is firm and set.