In a microwave-safe bowl, melt caramels with butter and water; stir until smooth. Spread one side of each pretzel with 1 tsp, peanut butter; top with ½ tsp. caramel mixture. Place on waxed paper-lined baking sheets. Refrigerate until set. In a microwave-safe bowl, melt candy coating. Using a small fork, dip each pretzel in coating until completely covered; shake off excess. Place on waxed paper. Let stand until set. Store in an airtight container in a cool, dry place.
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