Harry Crouch 14, and Harrison Barratt, 13, from Luton, came up with the idea to mark the war's centenary.
"Peace Babies" sweets, later known as Jelly Babies, were introduced in 1918 to mark the end of war.
The boys, who are raising money for Royal British Legion and Help for Heroes, have almost doubled their original target.
"It's been inspirational, seeing teenagers doing something like this," said Harrison's mother Joanne Marshall.
She said the boys had so far raised almost Â£2,000.
More than 15,000 sweets have been donated to the boys' campaign by shops and wholesalers in Luton.
They have been selling the Â£1 bags of "Peace Babies" in batches of 11, symbolising Remembrance Day.
Ms Marshall said the boys had had a great deal of support from the local businesses and members of the public.
"It is so heart-warming in this day and age for two teenagers to devote so much time and effort to support two great charities and they have gained tremendous support from the community," she said.
The boys' aim is to spread the idea to other schools across the country and raise many more thousands of pounds, Mrs Marshall added.
Two teenagers who brought back World War One "Peace Babies" for charity have smashed their fundraising target.