Combine. Add 1/2 cup water, 1 1/4 cups corn syrup and 1 1/2 cups sugar to a heavy bottom pot. Stir to combine. Heat on medium and bring to 310°F without stirring.
Stir in cream. Remove from heat and stir in the 1 1/2 cups cream. This will create steam, so be very careful.
Add butter. Add the 1/2 cup butter and bring back to the stove on medium heat. Heat to 240°F. Stir occasionally, so the bottom doesn’t burn. Remove from heat and stir in the 1 1/2 teaspoons vanilla.
Set and cut. Pour into a 9x9 inch pan, lined with parchment. Let the caramels cool for at least 4 hours, or overnight then cut into 1" squares.
Dip in chocolate. Melt the chocolate wafers according to the package instructions. Dip the caramels using a fork, place on parchment paper and top with flaked sea salt. Let chocolate set and enjoy.
Notes
I like to wrap these in wax paper and tuck the caramel inside.Store in a covered container at room temperature for 2 weeks.