Chocolate Covered Peanuts

1 1/2 lbs. broken artificial vanilla flavored candy coating (Eagle Brand)
1 pkg. (12 oz.) Nestles chocolate chips, semi sweet
1 lb. dry roasted peanuts

Melt candy coating over low heat, stirring constantly. When melted, add chocolate chips and stir. Add peanuts and mix well. Drop by teaspoonfuls on wax paper and chill.