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Cream the butter for 2 minutes. Add the sugars, cream for 2 more minutes.
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Mix in the peanut butter and egg.
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Mix together the dry ingredients - flour, baking soda, baking powder and salt. Stir into the sugar butter mixture.
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Wrap dough in plastic and refrigerate at least 3 hours.
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Preheat oven to 375°F
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Shape dough into 1 1/4 inch balls.
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Place about 3 inches apart on ungreased cookie sheet.
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Flatten in crisscross pattern with a fork.
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Bake until light brown, 9 to 10 minutes.
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Cool on baking sheets for a minute; transfer to rack to cool completely.