This is the recipe that my mom and I have been making since the 1980's. It is foolproof and these are a treat that all our friends just rave about.
Chocolate Covered Cherries
2 boxes (16 oz. each) powdered sugar
½ cup butter, softened
1-14 oz. can sweetened condensed milk
1 teaspoon vanilla
3-9 oz. jars maraschino cherries
1/2 bar (2 oz.) paraffin wax
24 oz. chocolate chips
Drain cherries and pat dry on paper towels. Remove the stem from the cherries. Mix all ingredients, except cherries, wax, and chocolate chips, until combined. Roll dough around individual cherries and freeze. When rolling the dough around the cherries it is best to coat your hands with powdered sugar. This will keep the dough from sticking to your hands. Melt wax over a double boiler and add chocolate chips. Mix until smooth. Dip frozen cherries in chocolate and place on waxed paper or candy cups. The best tool I have found for dipping cherries is a round toothpick. After placing the dipped cherry in the paper cups, dip another toothpick in the chocolate and fill the hole in the chocolate. This recipe makes roughly 8-9 dozen chocolate covered cherries. Store in a cool place for up to one week. Do not refrigerate.