Melt 8 tablespoons (113 grams) of the butter in a medium saucepan over medium-high heat. Continue to cook, stirring or swirling the pan frequently, for 1-3 minutes, until the butter foams and then turns a dark golden color. Remove immediately from the heat and allow to cool for about 1 minute.

Break the remaining 4 tablespoons (57 grams) butter into a few pieces and add it to the pan with the browned butter. Stir until completely melted, and set aside to cool for 3-4 minutes.

Meanwhile, preheat the oven to 350 degrees F (180 C). Line cookie sheets with silicone mats or parchment paper, and set aside.

Whisk flour, baking soda, baking powder, and salt together in a medium bowl; set aside.

When butter has cooled, add brown sugar to the pan, followed by the molasses, and whisk to combine. Add the egg, egg yolk, and vanilla extract, and whisk again until evenly combined. Sprinkle the dry ingredients over the butter-sugar mixture, and fold with a spatula or wooden spoon just until the dough comes together and is evenly combined.

Scoop out 1 tablespoon of dough and place a caramel on top. Add another tablespoon of dough on top of the caramel, and roll the whole package into a ball, making sure the caramel is completely covered by dough. Repeat with remaining dough and caramels.

Place cookies about 3 inches apart on cookie sheets, and bake for 11-13 minutes,  just until golden brown. (It’s OK if they look slightly underbaked; they will continue to set up a bit after being removed from the oven.) Let cool for about 10 minutes on cookie sheets before transferring cookies to wire racks. Store in an airtight container at room temperature for up to a week. (They won’t last that long!)