Preheat oven to 375 degrees F.
To a mixer, combine the butter and peanut butter. Mix on medium speed for 30 seconds.
Add the granulated sugar, brown sugar (or honey). Beat until combined, scraping the bowl occasionally.
Beat in the egg and vanilla.
In a separate bowl whisk together the flour, baking soda and baking powder.
Gradually add in the flour mixture to wet ingredients and mix until all are well combined.
If desired, cover and chill for about an hour or until dough is easy to handle. Feel free to skip this step if you're in a hurry, but it does make the dough much easier to handle.
Once dough is chilled, use a cookie scoop to shape dough into 1 1/2-inch balls.
Roll balls in granulated sugar to coat and place 2 inches apart on an ungreased cookie sheet.
Bake in a preheated oven for 7-9 minutes until bottoms are lightly browned.
Once cookies have come out of the oven, immediately insert a Reese's Peanut Butter Heart into the center of the cookie (being careful not to go all the way through).
Let cookies sit for ~5 minutes before transferring to a wire rack to cool. Then enjoy!