Mix the peanut butter, butter, brown sugar, and powdered sugar together in a medium sized bowl. Slowly add oatmeal and coconut.
Chill in refrigerator for about 30 minutes.
Remove from fridge and roll into 1 inch balls and then roll them in sprinkles. I used all kinds of sprinkles that were in my cupboard. (you can roll them in other favorite ingredients, such as crushed graham crackers, favorite crushed cookies, nuts, etc)