In a large mixing bowl, combine the chopped maraschino cherries, cherry juice, softened butter, almond extract, vanilla extract, and a pinch of salt. Mix until well blended.

Gradually add powdered sugar to the cherry mixture, stirring until a thick dough forms.

Cover the dough with plastic wrap and refrigerate for 20 to 30 minutes to firm up the mixture.

Once chilled, use a cookie scoop or your hands to form 1-inch balls and place them on a parchment-lined baking sheet.

Freeze the truffles for 15 to 20 minutes to help them hold their shape when coated.

In a microwave-safe bowl, heat semi-sweet chocolate chips and peanut butter in 30-second intervals, stirring until smooth.

Dip each chilled cherry ball into the melted chocolate mixture and let the excess drip off before placing them back on the baking sheet.

Return the coated truffles to the refrigerator for 15 minutes to allow the chocolate to set.

Optionally, decorate with crushed peanuts or a drizzle of melted white chocolate before serving.