Line a jelly roll or half sheet pan with parchment paper and set aside.
Using a hand mixer, beat together melted butter, peanut butter, granulated sugar, and vanilla extract until smooth and creamy. Beat in powdered sugar.
Press peanut butter mixture into sheet pan - spreading to about ½” thickness.
Place sheet pan in the freezer for 15 minutes.
Lift the parchment paper to remove the chilled peanut butter layer from the pan. Place a new sheet of parchment paper on the pan.
Use a cookie cutter to cut out ½” thick Easter egg shapes from the chilled peanut butter layer.
Place cutouts on parchment lined sheet pan. Freeze for 30 minutes.
Scoop up remnant peanut butter mixture, repress to ½” thickness, and cut out additional shapes.
After cutouts have chilled for 25 minutes, prepare the chocolate coating.
Combine semi-sweet and milk chocolate chips in a heatproof bowl. Dollop shortening over the top. Heat and stir in 30-second increments in the microwave until the chocolate is smooth and melted completely.
Using a fork, lift one peanut butter cutout at a time and coat it completely with the melted chocolate. Tap excess chocolate off of the cutout and place it back onto the cookie sheet.
Work in batches if the peanut butter cutout becomes soft quickly.