Peel, then cut each banana in half crosswise and insert a craft stick into each half. Place on a tray, cover with plastic wrap and place in the freezer until frozen, about 3 hours.
Place the peanuts in a shallow dish or on a plate. Melt the chocolate in the top of a double boiler over slightly simmering water, over the lowest possible heat, stirring frequently. Make sure the water is not touching the bottom of the top pan. Pour the melted chocolate into a tall glass. Dip each frozen banana into the chocolate, turning it to coat, and immediately roll in the peanuts. Place on a tray covered in waxed paper. Serve immediately or wrap individually in plastic wrap or waxed paper and freeze for up to 2 weeks.